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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
11/12/201418:15:25Offshore Drilling Companies Delay Projects Amid Oil Glut
10/03/201418:37:34MARKET SNAPSHOT: U.S. Stocks Rally On Strong Jobs Report
10/03/201418:27:55MARKET SNAPSHOT: U.S. Stocks Rally After Upbeat Jobs Report
10/03/201418:18:33MARKET SNAPSHOT: U.S. Stocks Rise After Strong Jobs Report
08/04/201409:44:14U.S. Hot Stocks: Hot Stocks to Watch
02/12/201417:10:10Diamond Offshore Names Halliburton Executive Next CEO
11/15/201309:01:37HBK Investments LP 3Q 13F: Largest Eliminations
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Eliminations -2-
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Sales
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Purchases
07/29/201309:17:34U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH
07/25/201307:07:12Diamond Offshore 2nd-Quarter Net Down 8% Absent Gain; Revenue...
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02/05/201307:14:11Diamond Offshore 4th-Quarter Net Falls 17% Amid Lower Day Rates
10/18/201206:56:25Diamond Offshore 3rd-Quarter Net Falls 31% on Lower Day Rates
09/18/201219:13:14Seven Oil-Related Stocks See Unusual Late-Day Price Spikes
08/14/201220:06:11Sembcorp Marine: Unit Gets US$135 Million Rig Order From Diamond...
07/19/201207:26:16Diamond Offshore 2nd-Quarter Profit Drops 24% Amid Lower Revenue
06/28/201213:27:06Moody's Upgrades Diamond Offshore on Lower Debt Levels Amid Fleet...

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