Nabors (NBR) Q1 Earnings: How Key Metrics Compare to Wall Street Estimates
For the quarter ended March 2023, Nabors Industries (NBR) reported revenue of $789.01 million, up 38.7% over the same period last year. EPS came in at -$0.55, compared to -$13.88 in the year-ago quarter.
The reported revenue represents a surprise of +2.74% over the Zacks Consensus Estimate of $767.96 million. With the consensus EPS estimate being $1.06, the EPS surprise was -151.89%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Nabors performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Daily Rig Revenue - International Drilling: $46.52 million versus the three-analyst average estimate of $45.71 million.
Daily Adjusted Gross Margin - International Drilling: $15.22 million versus $14.96 million estimated by three analysts on average.
Average Rigs Working - U.S. Drilling: 100.3 versus 102.12 estimated by three analysts on average.
Daily Adjusted Gross Margin - U.S. Drilling: $18.12 million compared to the $17.19 million average estimate based on three analysts.
Daily Rig Revenue - U.S. Drilling: $38.84 million versus $35.82 million estimated by three analysts on average.
Average Rigs Working - International Drilling: 76.4 versus 77.2 estimated by three analysts on average.
Operating Revenues- U.S. Drilling: $350.65 million compared to the $342.75 million average estimate based on three analysts. The reported number represents a change of +61.2% year over year.
Operating Revenues- International Drilling: $320.05 million compared to the $317.54 million average estimate based on three analysts. The reported number represents a change of +14.7% year over year.
Operating Revenues- Other reconciling items: -$25.08 million versus the three-analyst average estimate of -$22.31 million.
Operating Revenues- Rig Technologies: $58.48 million versus $60.39 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +59.2% change.
Operating Revenues- Drilling Solutions: $75.04 million compared to the $73.02 million average estimate based on three analysts. The reported number represents a change of +38.5% year over year.
Adjusted EBITDA- U.S. Drilling: $156.49 million versus $138.80 million estimated by three analysts on average.
View all Key Company Metrics for Nabors here>>>
Shares of Nabors have returned +3.5% over the past month versus the Zacks S&P 500 composite's +3.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Nabors Industries Ltd. (NBR) : Free Stock Analysis Report
