Vantage Drilling Company (AMEX:VTG) had a loss and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Vantage Drilling Company Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.08 in the quarter versus EPS of $0.00 in the year-earlier quarter.
Revenue: Rose 11.49% to $147 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Vantage Drilling Company reported adjusted EPS loss of $0.08 per share. By that measure, the company missed the mean analyst estimate of $-0.06. It beat the average revenue estimate of $146.65 million.
Quoting Management: Paul Bragg, Chairman and Chief Executive Officer, commented, “We are pleased with the performance of the fleet for the quarter. While Titanium Explorer operated for much of the quarter at a reduced dayrate, it is fortunate that the ship is now operating again at full rate. The incremental Titanium Explorer contract revenues, coupled with the recent refinancing of our debts, will greatly increase our earnings and cash flows for the remainder of the year, and thereafter. Additionally, we have received this week an additional Letter of Award for Tungsten Explorer, for work in Southeast Asia commencing upon delivery from the shipyard. The contract for this work will be completed upon receipt by our customer of the host-country governmental approval. The new project, and likely one additional project now under discussion, will be performed prior commencing the Moho Nord development project in West Africa the middle of next year.”
Key Stats (on next page)…