Borr Drilling Shares Plunge 15% on Q1 Earnings Miss, Wider Loss
BORR has more than doubled off its 52-week low of $1.55 on elevated volume (2.3× avg).
Summary
Borr Drilling reported a wider Q1 loss of $29 million, significantly missing analyst expectations of a $6.9 million loss, and revenue of $247 million fell short of the $253.3 million consensus. Shares are down 15% following the announcement. The company attributed the miss to a delayed start-up for its Odin rig, which is now expected to begin operations in late June and will continue to impact Q2 results. This news provides market reaction and specific figures following yesterday's 6-K filing on Q1 profitability.
At the time of this announcement, BORR was trading at $5.31 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.6B. The 52-week trading range was $1.55 to $6.66. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.