Noble Swings to Q2 Loss, Slashes Revenue Guidance on Brazil Rig Suspensions
NE sits 62% above its 52-week low of $25.24.
Summary
Noble reported a Q2 loss of $37M, swinging from a $43M profit a year ago, and cut full-year revenue guidance to $2.8B-$2.9B from a $3B top end. The miss was driven by a $43M impact from the suspension of two rigs in Brazil. Adjusted EPS of $0.01 badly missed the $0.15 consensus, though revenue of $720M beat the $698M estimate. This follows the earlier EBITDA guidance cut to $850M-$925M, adding the revenue reduction and a $0.50 interim dividend. Shares fell 4.4% after hours to $41.20, extending the day's decline. The company filed an 8-K related to Regulation FD disclosure.
At the time of this announcement, NE was trading at $41.00 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $6.9B. The 52-week trading range was $25.24 to $54.98. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.