Diamond Offshore Drilling Earnings: Stock Gushes with Gains

Although S&P 500 (NYSE:SPY) component Diamond Offshore Drilling Inc.’s (NYSE:DO) net income fell in the first quarter from a year earlier, profit exceeded analysts’ expectations. Diamond Offshore Drilling, Inc. offers a range of services worldwide in various oil and gas drilling markets, including the deep water, harsh environment, conventional semisubmersible and jack-up markets.

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Diamond Offshore Drilling Earnings Cheat Sheet for the First Quarter

Results: Net income for the oil and gas drilling and exploration company fell to $250.6 million ($1.80/share) vs. $290.9 million ($2.09/share) a year earlier. A decline of 13.8% from the year earlier quarter.

Revenue: Fell 6.2% to $806.4 million YoY.

Actual vs. Wall St. Expectations: DO beat the mean analyst estimate of $1.43/share. Estimates ranged from $1.23 per share to $1.67 per share.

Key Stats:

From the fourth quarter of the last fiscal year, the company’s current liabilities fell to $392.5 million from $626.3 million.

Net income has dropped 26.1% year over year on average across the last five quarters. Performance was hurt by a 45.5% decline in the third quarter of the last fiscal year from the year earlier quarter.

Competitors to Watch: Pride International, Inc. (NYSE:PDE), Transocean LTD (NYSE:RIG), Patterson-UTI Energy, Inc. (NASDAQ:PTEN), Helmerich & Payne, Inc. (NYSE:HP), Noble Corporation (NYSE:NE), ENSCO PLC (NYSE:ESV), Atwood Oceanics, Inc. (NYSE:ATW), Vantage Drilling Company (AMEX:VTG), Seahawk Drilling, Inc. (NASDAQ:HAWK), and Hercules Offshore, Inc. (NASDAQ:HERO).

Today’s Performance: Shares of DO are trading at $78, up 2.1% from the previous closing price of $76.40.

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