Noble Corporation Second Quarter Earnings Sneak Peek

S&P 500 (NYSE:SPY) component Noble Corporation (NYSE:NE) will unveil its latest earnings on Wednesday, July 20, 2011. Noble Corp. 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 Corporation Earnings Preview Cheat Sheet

Wall St. Earnings Expectations: The average estimate of analysts is for profit of 29 cents per share, a decline of 65.9% 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 47 cents. Between one and three months ago, the average estimate moved down and dropped from 43 cents during the last month. For the year, analysts are projecting net income of $1.88 per share, a decline of 38.8% from last year.

Past Earnings Performance: The company fell short of estimates last quarter after topping forecasts the quarter prior. In the first quarter, it reported profit of 16 cents per share against a mean estimate of 18 cents. Two quarters ago, it beat expectations by 7 cents with net income of 39 cents.

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Wall St. Revenue Expectations: On average, analysts predict $651.4 million in revenue this quarter, a decline of 8.2% from the year ago quarter. Analysts are forecasting total revenue of $2.83 billion for the year, a rise of 0.7% from last year’s revenue of $2.81 billion.

Analyst Ratings: Analysts are bullish on this stock with 19 analysts rating it as a buy, none rating it as a sell and nine rating it as a hold. Over the past 90 days, the average rating for the stock has moved up from hold to moderate buy.

Key Stats:

Revenue has fallen in the past four quarters. Revenue declined 31.2% to $578.9 million in first quarter. The figure fell 31.5% in the fourth quarter of the last fiscal year from the year earlier, dropped 32.4% in third quarter of the last fiscal year from the year-ago quarter and 21% in the second 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 71.8% over the past four quarters. The quarter hit the hardest was the most recent 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 April 18, 2011 to July 14, 2011, the stock price had fallen $5.85 (-13.9%) from $41.94 to $36.09. The stock price saw one of its best stretches over the last year between June 27, 2011 and July 5, 2011 when shares rose for six-straight days, rising 5.3% (+$1.99) over that span. It saw one of its worst periods between August 17, 2010 and August 26, 2010 when shares fell for eight-straight days, falling 7.9% (-$2.59) over that span. Shares are up 56 cents (+1.6%) year to date.

(Source: Xignite Financials)

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