S&P 500 (NYSE:SPY) component Nabors Industries Ltd. (NYSE:NBR) reported higher profit for the first quarter as revenue showed growth. Nabors Industries Ltd. conducts oil, gas and geothermal land drilling operations in the Americas, Caribbean, Middle East, Far East, Russia and Africa.
Nabors Industries Earnings Cheat Sheet for the First Quarter
Results: Net income for Nabors Industries Ltd. rose to $82.8 million (28 cents/share) vs. $40.2 million (14 cents/share) in the same quarter a year earlier. A more than twofold rise from the year earlier quarter.
Revenue: Rose 56.3% to $1.41 billion YoY.
Actual vs. Wall St. Expectations: NBR fell short of the mean analyst estimate of 34 cents/share. Estimates ranged from 27 cents per share to 37 cents per share.
Quoting Management: Gene Isenberg, Nabors’ Chairman and CEO, commented, “Our first quarter operating results obscure the fact that virtually all of our businesses are experiencing significantly improving outlooks that will be more fully reflected in our results during the second half of the year.”
Competitors to Watch: Nabors Industries Ltd. (NBI), Helmerich & Payne, Inc. (NYSE:HP), Patterson-UTI Energy, Inc. (NASDAQ:PTEN), Pioneer Drilling Company (AMEX:PDC), Bronco Drilling Co., Inc. (NASDAQ:BRNC), Pride International, Inc. (NYSE:PDE), Precision Drilling Corp. (NYSE:PDS), Rowan Companies, Inc. (NYSE:RDC), Allis-Chalmers Energy Inc. (NYSE:ALY), and Unit Corporation (NYSE:UNT).
Today’s Performance: Shares of NBR are down 1.37% in after hours trading.