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Free Research Report as Diamond Offshore Reported Better than Expected Results

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LONDON, UK / ACCESSWIRE / May 25, 2018 / If you want access to our free earnings report on Diamond Offshore Drilling, Inc. (NYSE: DO) (''Diamond Offshore''), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=DO. The Company reported its financial results on April 30, 2018, for the first quarter of the fiscal year 2018 (Q1 FY18). The Houston-based Company surpassed market estimates for earnings in Q1 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:


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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Diamond Offshore Drilling 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

During Q1 FY18, Diamond Offshore's total revenues declined 21% to $295.5 million compared to $374.2 million in Q1 FY17. The Company's revenue numbers for the reported quarter were slightly short of analysts' estimates of $295.9 million.

For the reported quarter, Diamond Offshore incurred total operating expenses of $295.0 million versus $323.3 million in the year ago comparable period. The Company posted an operating income of $0.512 million in the reported quarter compared to $50.9 million in Q1 FY17.

Diamond Offshore's net income dropped by 18% to $19.3 million in Q1 FY18 compared to $23.5 million in Q1 FY17, primarily driven by lower contract drilling revenues and margins. The Company's earnings per share (EPS) decreased to $0.14 in the reported quarter compared to $0.17 in the year ago same quarter.

Diamond Offshore reported an adjusted loss of $0.16 per share in Q1 FY18, beating analysts' expectations for a loss per share of $0.20.

Segment Details

Diamond Offshore operates through one reportable segment, namely Contract Drilling Services. Additionally, during the first quarter ended March 31, 2018, the Company generated revenues from four primary geographical markets: (i) United States; (ii) South America; (iii) Europe; and (iv) Australia/Asia.

Diamond Offshore's Contract Drilling Services segment aggregated total revenues of $287.9 million in Q1 FY18 compared to $363.6 million in Q1 FY17. During the reported quarter, the segment generated revenues from the United States, South America, Europe, and Australia/Asia regions of $164.4 million, $54.3 million, $11.4 million, and $57.8 million, respectively; compared to $135.6 million, $102.7 million, $55.7 million, and $65.7 million, respectively, as well as $3.9 million from the terminated business of Mexico in the prior year's corresponding period.

Operating Details

Diamond Offshore's Contract Drilling Services are dependent on three primary metrics, namely (i) revenue-earning days; (ii) average daily revenue; and (iii) rig utilization.

During Q1 FY18, Diamond Offshore had revenue-earning days of 808 compared to 982 in Q1 FY17. The Company's average daily revenue for floaters recorded an average day-rate of $351 million in Q1 FY18 compared to $366 million in Q1 FY17. Rig utilization for floaters increased to 52% in the reported quarter versus 47% in the prior year's comparable quarter.

Cash Matters

As of March 31, 2018, Diamond Offshore's cash and cash equivalents stood at $429.7 million compared to $123.3 million as of March 31, 2017. The Company generated net cash inflow from operating activities of $83.8 million in the reported quarter compared to $98.7 million in year ago corresponding quarter.

As of March 31, 2018, the Company's total contracted drilling backlog was $2.18 billion compared to $3.22 billion as of April 01, 2018.

Stock Performance Snapshot

May 24, 2018 - At Thursday's closing bell, Diamond Offshore Drilling's stock dropped 1.40%, ending the trading session at $18.96.

Volume traded for the day: 891.57 thousand shares.

Stock performance in the last three-month - up 23.52%; previous six-month period - up 17.91%; past twelve-month period - up 43.09%; and year-to-date - up 1.99%

After yesterday's close, Diamond Offshore Drilling's market cap was at $2.60 billion.

Price to Earnings (P/E) ratio was at 170.81.

The stock is part of the Basic Materials sector, categorized under the Oil & Gas Drilling & Exploration industry.


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