Diamond Offshore beats by $0.17, reports revs in-line
Reports Q3 (Sep) earnings of $0.96 per share, excluding non-recurring items (see below), $0.17 better than the Capital IQ Consensus Estimate of $0.79; revenues rose 4.5% year/year to $737.68 mln vs the $739.76 mln consensus.
- Co reported third quarter 2014 net income of $53 million, or $0.38 per share, compared to net income of $95 million, or $0.68 per share, in the third quarter of 2013. The Company today announced plans to retire and scrap six of its mid-water semisubmersible rigs, resulting in a non-cash impairment charge in the third quarter of $109 million before tax, or $0.84 per share after tax.
- Results for the quarter include favorable settlements of tax audits in Brazil and Malaysia and expiration of the statute of limitations in various jurisdictions for which tax expense had previously been recognized. As a result of these items, tax expense was reduced by $0.23 per share, and a related decrease in interest expense benefited results by $0.03 per share.