Revenues grew 17% to a record $1.248 billion in second quarter 2013 from $1.071 billion a year ago. Operating income grew 12% to $452 million and earnings increased $20 million to a record $361 million. The addition of ENSCO 8506 and ENSCO DS-6 to the active fleet as well as a full quarter of operations for ENSCO 8505 drove these increases. The average day rate for the fleet increased $36,000 year to year to $228,000.
Daily fluctuations should be of no concern to a shareholder, if they are invested in a good company that is growing and pays good dividends. ESV is a long term play, not a bet on a number on the roulette wheel.
Stkdip, you are correct in your logic, "buying more here."
Thanks for the summary. Imo, ENSCO has extremely capable management that nearly always execute well and rarely disappoint. I am disappointed we aren't getting a bigger bump this morning off the beat. I guess we will see what they say at the conference call this morning.
Day rates are soaring. About two-thirds of Ensco's revenue came from floating rigs, for which average rates rose by 13 percent over the past year to $399,000 per day. Rates for its shallow-water "jackup" rigs increased by 16 percent.
Ensco beats by $0.06, beats on revs (ESV) 58.42 -0.43 : Reports Q2 (Jun) earnings of $1.55 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus Estimate of $1.49; revenues rose 16.5% year/year to $1.25 bln vs the $1.23 bln consensus.
Ensco maintained a strong financial position, $11 billion of contracted revenue backlog excluding bonus opportunities.
They had mentioned in prior announcements that expense would be higher. This is from servicing rigs. I think their active % was 84 vs 90 a yr ago. So great beat on less active rigs. Obviously due to the higher day rates as noted above