Diamond Offshore (DO) Q4 Earnings & Revenues Beat Estimates
Diamond Offshore Drilling Inc. DO reported fourth-quarter 2016 adjusted earnings of 53 cents per share that comfortably surpassed the Zacks Consensus Estimate of 12 cents. The bottom line, however, decreased from the year-earlier earnings of 89 cents per share.
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For full-year 2016, the company registered earnings of $1.43 per share. Full-year earnings beat the Zacks Consensus Estimate of $1.03 per share but decreased from the year-earlier earnings of $3.10.
Total revenue in the quarter of $391.9 million decreased from the year-ago figure of $555.6 million but came in above the Zacks Consensus Estimate of $357.5 million.
For full-year 2016, total revenue decreased nearly 34% year over year to $1,600.3 million. Total revenue topped the Zacks Consensus Estimate of $1,570.0 million.
Operational Performance
In the fourth quarter, revenues from the Contract Drilling segment plunged 27.8% year over year to approximately $384.6 million.
Ultra-Deepwater floaters recorded an average dayrate of $456,000 during the quarter as against $531,000 in the year-earlier quarter. Deepwater floaters realized an average dayrate of $287,000 compared with $337,000 in the year-ago quarter. Mid-water floaters recorded an average dayrate of $478,000 as against $249,000 in the prior-year quarter.
Rig utilization for Ultra-Deepwater floaters decreased to 49% from 70% in the year-ago quarter. Utilization of Deepwater floaters fell to 39% from 42% a year ago. Mid-water category rig utilization was 35% as against 24% in the comparable quarter last year.
Diamond Offshore Drilling, Inc. Price and EPS Surprise
Diamond Offshore Drilling, Inc. Price and EPS Surprise | Diamond Offshore Drilling, Inc. Quote
Financials
As of Dec 31, 2016, Diamond Offshore had approximately $156.2 million in cash and cash equivalents, while long-term debt totaled $1,980.9 million.
Zacks Rank and Stocks to Consider
Diamond Offshore currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the same space include Denbury Resources Inc. DNR, Holly Energy Partners LP HEP and Noble Midstream Partners L.P. NBLX. All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Denbury Resources posted a positive earnings surprise of 100.00% in the last reported quarter. It had an average earnings surprise of 283.33% in the four trailing quarters.
Holly Energy Partners posted a negative earnings surprise of 23.26% in the preceding quarter. It had an average negative earnings surprise of 0.96% in the four trailing quarters.
Noble Midstream Partners posted a negative earnings surprise of 77.78% in the last reported quarter.
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