HAMILTON, Bermuda (AP) _ Nabors Industries Ltd. (NBR) on Tuesday reported a loss of $118.9 million in its third quarter.
On a per-share basis, the Hamilton, Bermuda-based company said it had a loss of 37 cents. Losses, adjusted for one-time gains and costs, came to 31 cents per share.
The results missed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of 23 cents per share.
The drilling contractor posted revenue of $756.6 million in the period, which also fell short of Street forecasts. Six analysts surveyed by Zacks expected $775 million.
In the final minutes of trading on Tuesday, the company's shares hit $1.78. A year ago, they were trading at $4.88.