LONDON, UK / ACCESSWIRE / June 5, 2018 / If you want access to our free earnings report on Noble Corp. PLC (NYSE: NE), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=NE. Noble reported its first quarter fiscal 2018 operating and financial results on May 02, 2018. The offshore drilling contractor's net loss narrowed on a y-o-y basis. Register today and get access to over 1,000 Free Research Reports by joining our site below:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Noble most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the three months ended March 31, 2018, Noble recorded operating revenue of $235.2 million compared to $363.0 million in Q1 2017. The Company's reported number surpassed analysts' estimates of $226.2 million.
Noble reported a net loss attributable to the Company of $142.3 million, or $0.58 per diluted share, for Q1 2018 compared to net loss attributable to the Company of $301.7 million, or $1.24 per diluted share, in Q1 2017.
The Company's reported quarter results included an after-tax loss totaling $7 million, or $0.03 per diluted share, resulting from the early retirement of debt. Excluding the loss from the early retirement of debt, the net loss attributable to the Company were $0.55 per diluted share for Q1 2018, better than Wall Street's estimates for a loss of $0.58 per share.
During Q1 2018, Noble's contract drilling services revenues totaled $229 million compared to $321 million in Q4 2017. The Company's revenues in the previous quarter included payments totaling $38 million relating to the recovery of certain contractual expenses and the settlement of a contract dispute. Excluding these payments, revenues would have been $283 million in Q4 2017. When compared to the adjusted revenues, the 19% decline in Q1 2018 revenue was primarily due to lower fleet utilization, with fewer operating days experienced in the Company's jackup fleet as well as lower average dayrates, a decline in mobilization revenues and fewer calendar days in the reported quarter.
During Q1 2018, utilization of Noble's 14 floating rigs declined slightly to 37% compared to 41% in Q4 2017. The decline was due largely to fewer operating days for the drillship Noble Bob Douglas which relocated to Guyana during the reported quarter ahead of the commencement of a three-year contract.
Operating days for Noble's 14-rig jackup fleet declined in Q1 2018 with five rigs idle for all, or a portion of the quarter following the completion of contracts. The decrease resulted in fleet utilization of 56% compared to 76% in Q4 2017.
At March 31, 2018, Noble's contract backlog totaled $2.8 billion, with $1.8 billion attributable to the floating fleet and $1.0 billion to the jackup fleet. Approximately 51% of the available rig operating days remaining in 2018 were committed to contracts, including 38% of the floating fleet and 64% of the jackup fleet.
During Q1 2018, Noble utilized $192 million of cash on hand to repay senior notes maturing in 2018 as well as for the early redemption of senior notes maturing in 2019, including debt extinguishment fees. At March 31, 2018, the Company's liquidity position totaled $2.3 billion, and comprised of $462 million of cash and $1.8 billion of available borrowing capacity under existing credit facilities, with no amounts drawn against the facilities.
During Q1 2018, Noble's capital expenditures totaled $38 million of which an estimated $18 million was dedicated primarily to sustaining capital, $11 million to major projects, including the reactivation and upgrade project for the Noble Clyde Boudreaux, and the remainder to certain other capital programs. The Company continues to expect capital expenditures in 2018 to total approximately $150 million.
Stock Performance Snapshot
June 04, 2018 - At Monday's closing bell, Noble's stock dropped 1.78%, ending the trading session at $5.53.
Volume traded for the day: 4.31 million shares.
Stock performance in the last month – up 23.44%; previous three-month period – up 29.81%; past twelve-month period – up 38.25%; and year-to-date – up 22.35%
After yesterday's close, Noble's market cap was at $1.35 billion.
The stock is part of the Basic Materials sector, categorized under the Oil & Gas Drilling & Exploration industry.
Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
A-I has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email email@example.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Phone number: 73 29 92 6381
Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.