Noble Corp Third Quarter Earnings Sneak Peek

S&P 500 (NYSE:SPY) component Noble Corp (NYSE:NE) will unveil its latest earnings on Wednesday, October 19, 2011. Noble is a contract driller of oil and natural gas wells. It provides customers in the oil and gas industry with offshore drilling services and engineering and consulting services.

Noble Corp Earnings Preview Cheat Sheet

Wall St. Earnings Expectations: The average estimate of analysts is for profit of 56 cents per share, a rise of 43.6% from the company’s actual earnings for the same quarter a year ago. During the past three months, the average estimate has moved down from 65 cents. Between one and three months ago, the average estimate moved down. It also has dropped from 60 cents during the last month. For the year, analysts are projecting net income of $1.60 per share, a decline of 47.9% from last year.

Past Earnings Performance: The company is looking to break the streak of missing estimates in the past two quarters. Last quarter, it fell short of analyst expectations by reporting profit of 17 cents per share against an estimate of net income of 27 cents per share. The quarter before that, it missed forecasts by 2 cents.

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Wall St. Revenue Expectations: On average, analysts predict $758.5 million in revenue this quarter, a rise of 23.8% from the year ago quarter. Analysts are forecasting total revenue of $2.79 billion for the year, a decline of 0.7% from last year’s revenue of $2.81 billion.

Analyst Ratings: Analysts are bullish on this stock with 23 analysts rating it as a buy, none rating it as a sell and four rating it as a hold.

A Look Back: In the second quarter, profit fell 75.2% to $54.1 million (21 cents a share) from $217.9 million (85 cents a share) the year earlier, missing analyst expectations. Revenue fell 11.5% to $628 million from $709.9 million.

Key Stats:

Revenue has fallen in the past four quarters. Revenue declined 31.2% in the first quarter from the year earlier, dropped 31.5% in fourth quarter of the last fiscal year from the year-ago quarter and 32.4% in the third quarter of the last fiscal year.

While the company has been profitable for the last eight quarters, income has fallen year over year by an average of 79.5% over the past four quarters. The quarter hit the hardest was the first quarter, that saw an 85.3% drop.

Competitors to Watch: Transocean LTD (NYSE:RIG), Diamond Offshore Drilling, Inc. (NYSE:DO), Pride International, Inc. (NYSE:PDE), Hercules Offshore, Inc. (NASDAQ:HERO), ENSCO PLC (NYSE:ESV), Atwood Oceanics, Inc. (NYSE:ATW), Vantage Drilling Company (AMEX:VTG), Seahawk Drilling, Inc. (NASDAQ:HAWK), and Rowan Companies, Inc. (NYSE:RDC).

Stock Price Performance: During July 20, 2011 to October 13, 2011, the stock price had fallen $6.77 (-18.1%) from $37.45 to $30.68. The stock price saw one of its best stretches over the last year between August 24, 2011 and September 1, 2011 when shares rose for seven-straight days, rising 13.2% (+$3.95) over that span. It saw one of its worst periods between July 29, 2011 and August 8, 2011 when shares fell for seven-straight days, falling 24.6% (-$9.02) over that span. Shares are down $4.68 (-13.2%) year to date.

(Source: Xignite Financials)

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