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Diamond Offshore 1Q Earnings Fall 14% But Beat Consensus

DOW JONES NEWSWIRES Diamond Offshore Drilling Inc.'s (DO) first-quarter earnings fell 14% but beat analysts' consensus estimate. The oil driller posted better-than-expected revenue on lower day rates but higher utilizations for its deep-water vessels. The company's profit has been sliding in recent quarters on generally weaker day rates and rig-utilization levels. The offshore-drilling sector has been under pressure since last year's Deepwater Horizon disaster in the Gulf of Mexico, when a rig explosion triggered a massive oil spill. U.S. authorities have reined in their new permits for deep-water drilling since then. Diamond Offshore, which is majority owned by Loews Corp. (L), posted a profit of $250.6 million, or $1.80 a share, down from $290.9 million, or $2.09 a share, a year earlier. Revenue decreased 6.2% to $806.4 million. Analysts surveyed by Thomson Reuters expected earnings of $1.43 a share on revenue of $797 million. Operating margin dropped to 39.6% from 49.6%. The average day rate for Diamond's high-specification floaters fell 15% from a year earlier, while the utilization rate rose to 81% from 79% a year earlier. For intermediate submersibles, day rates fell 1.1% and the utilization rate was were up at 80% from 78%. Both types of vessels typically operate in deeper water than conventional drilling platforms. Diamond shares closed Wednesday at $76.40 and weren't active premarket. The stock had fallen 16% in the last year. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com

Stock News for Diamond Offshore Drilling (DO)
DateTimeHeadline
07/01/201517:41:27Statement of Changes in Beneficial Ownership (4)
07/01/201510:00:00Diamond Offshore to Release Second Quarter 2015 Results on August...
07/01/201510:00:00Loews Corporation to Release Second Quarter 2015 Results on August...
06/25/201515:21:25Annual Report of Employee Stock Plans (11-k)
06/12/201507:58:06Current Report Filing (8-k)
06/12/201507:00:00Diamond Offshore to Release Fleet Status Report Each Quarter
06/07/201511:01:023 of the Best Stocks to Invest in Offshore Drilling
06/01/201515:13:31Statement of Changes in Beneficial Ownership (4)
05/27/201518:45:40Loews Corporation Earnings Swamped by Drilling Loss
05/26/201512:45:00Loews Corporation CEO James S. Tisch to Speak at the Bernstein...
05/24/201511:00:03Oil Stocks: 2 to Avoid, and 1 to Buy
05/22/201517:00:03Should You Follow Goldman Sachs Advice on Oil Stocks?
05/21/201516:07:32Current Report Filing (8-k)
05/20/201512:15:10What Is the S&P 500 Index?
05/12/201510:45:00Loews Corporation Announces Quarterly Dividend On Common Stock
05/08/201512:00:02Is the Tide Rising for Offshore Energy Stocks?
05/05/201516:36:24Current Report Filing (8-k)
05/05/201510:04:08Diamond Offshore Drilling Price Target Raised to $30.00 (DO)
05/05/201503:19:40Diamond Offshore Drilling Price Target Raised to $28.00 (DO)
05/04/201514:40:17Quarterly Report (10-q)

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