Ocean Rig Earnings: Here’s Why Investors are Happy Now
Ocean Rig UDW Inc (NASDAQ:ORIG) 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 6.43%.
Ocean Rig UDW Inc Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 383.33% to $0.29 in the quarter versus EPS of $0.06 in the year-earlier quarter.
Revenue: Decreased 1.4% to $259.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Ocean Rig UDW Inc reported adjusted EPS income of $0.29 per share. By that measure, the company beat the mean analyst estimate of $0.02. It beat the average revenue estimate of $251.8 million.
Quoting Management: George Economou, Chairman and Chief Executive Officer of the Company commented: “We are very pleased with the operating performance of our fleet in the second quarter. Although our results were partially affected by the planned mobilization of three of our units, the improvement in fleet operating efficiency (96% average fleet-wide) and cost control initiatives have resulted in a strong quarter for our Company.”
Key Stats (on next page)…
Revenue increased 5.42% from $246.44 million in the previous quarter. EPS increased 625% from $0.04 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a loss of $0.01 to a profit $0.05. For the current year, the average estimate has moved up from a profit of $0.15 to a profit of $0.39 over the last ninety days.