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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
08/11/201512:17:00Loews Corporation Announces Quarterly Dividend On Common Stock
08/10/201517:03:27Statement of Changes in Beneficial Ownership (4)
08/07/201516:50:28Statement of Changes in Beneficial Ownership (4)
08/06/201512:03:54Statement of Changes in Beneficial Ownership (4)
08/03/201516:03:16Quarterly Report (10-q)
08/03/201506:16:01Current Report Filing (8-k)
08/03/201506:00:00Loews Corporation Reports Net Income Of $170 Million For The...
08/03/201506:00:00Diamond Offshore Announces Second Quarter 2015 Results
07/07/201509:05:03Diamond Offshore Drilling Inc Stock Was Down 15% Last Month...
07/02/201515:44:52Statement of Changes in Beneficial Ownership (4)
07/02/201515:44:00Statement of Changes in Beneficial Ownership (4)
07/02/201515:42:41Statement of Changes in Beneficial Ownership (4)
07/02/201515:41:51Statement of Changes in Beneficial Ownership (4)
07/02/201515:41:00Statement of Changes in Beneficial Ownership (4)
07/02/201515:39:39Statement of Changes in Beneficial Ownership (4)
07/02/201515:39:15Statement of Changes in Beneficial Ownership (4)
07/02/201515:38:21Statement of Changes in Beneficial Ownership (4)
07/02/201515:36:37Statement of Changes in Beneficial Ownership (4)
07/02/201515:35:19Statement of Changes in Beneficial Ownership (4)
07/01/201517:41:27Statement of Changes in Beneficial Ownership (4)

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