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Free Post Earnings Research Report: Noble Reported Better than Expected Results

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.

Operating Details

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.

Fleet Overview

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.

Liquidity Position

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.


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