Parker Drilling beats by $0.03, beats on revs
Reports Q3 (Sep) earnings of $0.12 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.09; revenues rose 43.9% year/year to $237.8 mln vs the $231.35 mln consensus.
Outlook: "We are encouraged by recent forecasts of long term economic and industry trends, supporting demand growth in some of our key markets and the need for the innovative, reliable and efficient products and services we provide. In the more immediate future, we expect our rental tools segment to benefit from further growth of its international operations and its expanded presence in the growing Gulf of Mexico offshore drilling market. This may be tempered by effects of continued softness in U.S. land drilling markets. We expect drilling demand in the Gulf of Mexico's inland waters to improve from current levels and support solid results from our barge drilling business. Our success in securing continued work for our international rig fleet will determine our ability to maintain and build on the contributions from this business. We expect tender activity and contract renewals to provide ample opportunities to recontract rigs as they come to term, as well as further strengthen our international drilling rig fleet utilization. "We continue to make progress in strengthening our business and ability to meet the needs of our customers. We see many opportunities ahead and remain focused on delivering reliable performance and value to our stakeholders," Mr. Rich concluded.