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Nabors reports 4Q loss

HAMILTON, Bermuda (AP) _ Nabors Industries Ltd. (NBR) on Wednesday reported a loss of $335.6 million in its fourth quarter.

The Hamilton, Bermuda-based company said it had a loss of $1.18 per share. Losses, adjusted for asset impairment costs and to account for discontinued operations, came to 30 cents per share.

The results beat Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for a loss of 32 cents per share.

The drilling contractor posted revenue of $539.2 million in the period, also surpassing Street forecasts. Nine analysts surveyed by Zacks expected $536 million.

For the year, the company reported that its loss widened to $1.03 billion, or $3.64 per share. Revenue was reported as $2.01 billion.

Nabors shares have fallen almost 6 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 5.5 percent. In the final minutes of trading on Wednesday, shares hit $15.44, more than doubling in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NBR at https://www.zacks.com/ap/NBR


Keywords: Nabors Industries, Earnings Report