Diamond Offshore Drilling Inc. Earnings: Profit Sees Increase after Four Straight Quarters of Decline

S&P 500 (NYSE:SPY) component Diamond Offshore Drilling Inc. (NYSE:DO) reported its results for the second quarter. 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 Second Quarter

Results: Net income for Diamond Offshore Drilling Inc. rose to $266.6 million ($1.92 per share) vs. $224.4 million ($1.61 per share) in the same quarter a year earlier. This marks a rise of 18.8% from the year earlier quarter.

Revenue: Rose 8.1% to $889.5 million from the year earlier quarter.

Actual vs. Wall St. Expectations: DO beat the mean analyst estimate of $1.89 per share. Analysts were expecting revenue of $871.8 million.

Key Stats:

Last quarter’s profit increase breaks a streak of four consecutive quarters of year-over-year profit drops. In the first quarter, net income fell 13.8% from the year earlier, while the figure fell 12.5% in the fourth quarter of the last fiscal year, 45.5% in the third quarter of the last fiscal year and 42.1% in the second quarter of the last fiscal year.

A year-over-year revenue increase last quarter snaps a streak of four consecutive quarters of revenue declines. The worst quarter in that span was the second quarter of the last fiscal year, which saw a 13.1% decrease.

The company has now topped analyst estimates for the last four quarters. It beat the mark by 36 cents in the first quarter, by 29 cents in the fourth quarter of the last fiscal year, and by 7 cents in the third quarter of the last fiscal year.

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

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(Source: Xignite Financials)

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