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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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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.
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.
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.
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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