Diamond Offshore beats by $0.28, beats on revs
Reports Q1 (Mar) earnings of $0.93 per share, excluding non-recurring items ($0.12 benefit), $0.28 better than the Capital IQ Consensus Estimate of $0.65; revenues fell 2.8% year/year to $709.4 mln vs the $691.79 mln consensus.
- Co reported net income for the first quarter of 2014 of $146 million, or $1.05 per share, compared with net income of $176 million, or $1.27 per share, in the same period a year earlier. Results for the quarter benefited from a $17 million, or $0.12 per share, credit to tax expense related to a settlement of certain disputes with Egyptian tax authorities.
- "I am pleased to begin my tenure at Diamond Offshore with very solid first quarter results...Diamond Offshore has added new capacity and upgraded its fleet while maintaining the highest credit rating and strongest balance sheet amongst its peers. This places us in a strong position to navigate through any downturn, and take advantage of strategic opportunities that may materialize. We remain focused on delivering superior financial performance and providing sector-leading shareholder returns."