Noble Earnings: Here’s Why Investors are Happy Now

Noble Corp. (NYSE:NE) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1.97%.

Noble Corp. Earnings Cheat Sheet

Results: Adjusted Earnings Per Share increased 6.78% to $0.63 in the quarter versus EPS of $0.59 in the year-earlier quarter.

Revenue: Rose 13.47% to $1.02 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Noble Corp. reported adjusted EPS income of $0.63 per share. By that measure, the company beat the mean analyst estimate of $0.57. It beat the average revenue estimate of $1.01 billion.

Quoting Management: David W. Williams, Chairman, President and Chief Executive Officer of Noble Corporation stated, “A continuation of excellent business fundamentals produced a better than 5 percent improvement in average dayrates as a number of our rigs transitioned to new contracts and previously idle rigs returned to work. In addition, we experienced another quarter of declining unpaid operational downtime, contributing to lower than expected repair and maintenance expenses and increased bonus revenue in the quarter.”

Key Stats (on next page)…

Revenue increased 5.05% from $970.98 million in the previous quarter. EPS increased 8.62% from $0.58 in the previous quarter.

Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.75 to a profit $0.66. For the current year, the average estimate has moved down from a profit of $2.88 to a profit of $2.78 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at]