Marine Link
Saturday, January 20, 2018

Quarter Earnings News

Carnival Ratings Cut

Deutsche Bank Alex Brown, Salomon Smith Barney and Credit Suisse First Boston have all cut their ratings for top cruise group Carnival Corp. Deutsche Bank Alex Brown and Credit Suisse First Boston downgraded the company to buy from strong buy while Salomon Smith Barney cut ratings to outperform from buy.The downgrades follow Carnival's announcement that second-quarter earnings look weak, in part due to higher fuel costs. First-quarter earnings were in line with Wall Street estimates.

Nabors Reports Higher-Than-Expected Earnings

Nabors Industries Inc. on Thursday reported better-than-expected first-quarter earnings, propelled by a surge in demand for its drilling rig fleet and services. The Houston-based driller earned $.51 per diluted share on a quarterly record operating income of $124 million, compared with $.12 a share on $33.2 million in the year-ago quarter. Wall Street analysts polled by Thomson Financial/First Call had estimated first-quarter earnings of 45 cents a share. evenues for the quarter reached $513.8 million compared with $279.1 million in the prior year. "These results only begin to demonstrate our potential, with global rig utilization at only 60 percent during the quarter and average pricing still well short of current leading edge rates," company officials said.

Diamond Offshore 2Q Earnings Fall

Diamond Offshore Drilling Inc., the world's largest offshore oil driller by market capitalization, reported its second quarter earnings fell more than 50 percent. Net income dropped to $53.2 million from $111.7 million in the same period of 1998. Revenues for the second quarter fell to $215.3 million from $323.5 million in the second quarter of 1998. The company did not comment in its earnings statement on business during the second quarter or on the outlook for the remainder of the year.

Big Oil Second Quarter Earnings Seen Doubling

Salomon Smith Barney reportedly predicted second quarter 1999 earnings for U.S. major oil companies will be almost double earnings seen in the first quarter of 1999.

ENSCO 3Q Earnings Hit By Gulf Downturn

ENSCO International Incorporated expects that its third quarter earnings per share will be in the range of $.38 to $.42, and that its fourth quarter earnings per share is expected to be in the range of $.25 to $.30. This trend in results is due primarily to a decline in Gulf of Mexico drilling activity. The company also announced that one of its subsidiaries has received notice of Chevron's intent to effect early termination of the ENSCO I, a barge drilling rig under long-term contract with Chevron in Venezuela. Not included in the third quarter earnings estimate given above is approximately $15 million of revenue resulting in a gain of approximately $10 million after tax, or $.07 per fully diluted share, from the early termination of this contract, if finally consummated.

ENSCO 3Q Earnings Hit By Gulf Downturn

ENSCO International Incorporated expects that its third quarter earnings per share will be in the range of $.38 to $.42, and that its fourth quarter earnings per share is expected to be in the range of $.25 to $.30. This trend in results is due primarily to a decline in Gulf of Mexico drilling activity. The company also announced that one of its subsidiaries has received notice of Chevron's intent to effect early termination of the ENSCO I, a barge drilling rig under long-term contract with Chevron in Venezuela. Not included in the third quarter earnings estimate given above is approximately $15 million of revenue resulting in a gain of approximately $10 million after tax, or $.07 per fully diluted share, from the early termination of this contract, if finally consummated.

General Dynamics Reports Strong 2Q Earnings

General Dynamics has reported second-quarter earnings from continuing operations of $666 million, or $1.79 per share on a fully diluted basis, compared with 2010 second-quarter earnings from continuing operations of $651 million, or $1.68 per share fully diluted. Revenues in the quarter were $7.9 billion. Net earnings for the second quarter of 2011 were $653 million, compared to $648 million in the second quarter of 2010. Company-wide operating margins for the second quarter of 2011 were 12 percent, with particularly strong performance in the defense segments. Operating margins for Combat Systems and Information Systems and Technology grew when compared to the year-ago period, and Marine Systems margins remained steady at 10.2 percent.

Hoegh LNG Q3 Profits Disappoints

Oslo-listed Hoegh LNG, whose floating plants turn liquefied natural gas (LNG) into gas, reported on Monday third-quarter earnings below forecasts and offered a dividend of $0.10 as expected. Its earnings before interest, tax, depreciation and amortisation (EBITDA) swung to a profit of $26.5 million from a loss of $4 million at the same time a year ago, below expectations for $30 million in a Reuters poll of analysts. Reporting by Gwladys Fouche

Global Marine Beats Estimates

Offshore oil and gas driller Global Marine Inc.'s second-quarter earnings were flat versus a year ago but surpassed Wall Street expectations as oil companies gradually regained their appetite for drilling in response to strong oil and gas prices. Net income was $28.1 million, or 16 cents per share, virtually unchanged from $28.2 million, or 16 cents per share, in the second quarter of 1999. Analysts had expected earnings of 14 cents a share, according to First Call/Thomson Financial. Chief Executive Officer Bob Rose said high oil and natural gas prices were causing oil companies to overcome their initial hesitance and increase their drilling budgets for finding and producing new oil and gas reserves.

Conrad Industries to Release Quarter Results

Conrad Industries, Inc. plans to release its first quarter earnings during the evening on Wednesday, May 5, 2004. Management of the Company will host a conference call on Thursday, May 6, 2004 at 9:30 a.m. CST, to discuss the Company’s financial results for the quarter ended March 31, 2004.

North Sea Tiffany Platform to Restart Mid-August

Canadian Natural Resources Ltd said on Thursday its Tiffany production platform in the North Sea was expected to restart in mid-August after a shutdown. On a second-quarter earnings call, CNRL Chief Executive Officer Steve Laut said international production had decreased to 25,800 barrels per day in the quarter. That was mainly due to the production shutdown at Tiffany, which accounted for 4,500 bpd. (Reporting by Nia Williams; Editing by Lisa Von Ahn)

Tankship Operators Frontline Warn of Restructuring

Photo courtesy of Frontline

Oil tanker firm Frontline reported first quarter earnings below expectations on Tuesday and said that unless markets improve, it may need to restructure to repay debt. Frontline, the tanker arm of shipping tycoon John Fredriksen, said it made a net loss of $12.1 million in the first quarter, trailing expectations for a $4 million loss in a Reuters poll of analysts. (By Balazs Koranyi)  

Nordic American Tanker Shipping Updates Financial Calendar

Nordic American Tanker Shipping Limited announced that it expects to issue its fourth quarter earnings and dividend release on February 14, 2007, before the opening of trading. The record date for the fourth quarter dividend is expected to be February 22, 2007, and the payment date is expected to be March 1, 2007.

FMC Beats 1Q Profit Forecasts

Image: FMC Technologies

The Houston-based subsea specialist FMC Technologies Inc. (FTI) reported first-quarter earnings of $147.6 million, beating Wall Street expectations. The average estimate of 34 analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share on a per-share basis. But it had net income of 63 cents. The company has generated first quarter 2015 revenue of $1.7 billion, down 7 percent from the prior-year quarter $1.82 billion, as stronger Subsea Technologies performance was offset by the continued strength of the U.S. dollar and the decline in the North American land market.

International Markets Keep Tidewater Earnings Strong

New Orleans-based Tidewater Inc. reported its second quarter earnings recently, citing improving rental rates throughout international markets. During the quarter that ended Sept. 30, Tidewater posted net earnings of $86.5m, or $1.56 per share. In the same period a year ago, the company reported net earnings of $104.2m, or $1.86 per share. The higher earnings a year ago were boosted by the sale of 11 vessels. Tidewater officials said improving rental rates are keeping the company on a growth track now. “This trend should be a positive for Tidewater’s outlook, because over 85 percent of our revenues come from international markets,” said Dean Taylor, the company’s chairman and CEO.

Diamond Offshore Earnings Lower Than Expected

Diamond Offshore Drilling Inc.'s second-quarter earnings plunged 93 percent because strong oil prices have not yet fuelled recovery in its main area of operation: mid-depth offshore drilling markets. Net income for the quarter totaled $3.6 million, or 3 cents per share, down from $53.2 million, or 37 cents per share, in the second quarter of 1999. Analysts had expected earnings of 5 cents a share, according to First Call/Thomson Financial. Diamond Offshore's revenues also fell sharply, to $143.3 million from $215.3 million, mainly due to sharply lower contributions from semi-submersible rigs drilling in medium water depths. "The mid-water market remains weak and that has primarily contributed to the decline in earnings…

Stolt Offshore Anticipates Fourth Quarter Results

Stolt Offshore S.A. announced that it expects recurring earnings for the fourth quarter of 2001 to be below previous guidance. Girassol and Gulfstream projects. In addition, the Company will be writing off certain intangible assets relating to the Comex name, of $8 million, in the fourth quarter of 2001. The Company anticipates that earnings for the full year of 2002 will be between $0.35 and $0.70 per share with the first quarter earnings at a loss of $0.10 to $0.15 per share. There are currently a number of variables that will influence these results, including outstanding variation orders, which will be explained in detail on the year end financial results conference call on January 30, details of which are below.

Newport news to Record Second quarter Gains

Newport News Shipbuilding Inc. reportedly increased its second quarter earnings estimates by about 40 cents per share on stronger margins in its core business and $25 million in one-time pre-tax gains.

Newport News to Record Second Quarter Gains

Newport News Shipbuilding Inc. reportedly increased its second quarter earnings estimates by about 40 cents per share on stronger margins in its core business and $25 million in one-time pre-tax gains.

Tidewater Reports 1Q Earnings

Tidewater Inc. has announced first quarter net earnings for the period ended June 30, 2011, of $24.6 million, or $0.48 per share, on revenues of $254.6 million. For the same quarter last year, net earnings were $39.8 million, or $0.77 per share, on revenues of $262.5 million. The immediately preceding quarter ended March 31, 2011, had net earnings of $12 million, or $0.23 per common share, on revenues of $254 million. - a $6.3 million ($6.3 million after-tax, or $0.12 per common share) charge to general and administrative expenses related to a previously disclosed settlement with the Federal Government of Nigeria. - a $3.9 million ($3.0 million after-tax…

Tidewater Expects Lower Earnings

New Orleans-based Tidewater Inc. reported its second quarter earnings could fall short of analyst expectations, due to higher vessel operational costs. Tidewater’s earnings for the latest quarter, which ended Sept. 30, are expected to be between $1.54 and $1.57 per share. Forecasts had called for the company to report earning $1.71 per share during the period. The company’s earnings will be released Oct. 26. Tidewater officials cite higher vessel operating costs and lower gains on asset sales compared to the prior quarter, in which Tidewater earned $1.55 per share. Tidewater owns more than 491 vessels – the world’s largest fleet – serving the global offshore energy industry.

Offshore Market Begins To Rumble

U.S. oil drillers expect weaker or flat first quarter earnings but see revenues picking up later in the year as recent high oil prices trickle down to the service sector. According to sector company executives, the recovery is set to begin in the second half of this year for most, and improve markedly in 2001 as major, independent and national oil firms ramp up oil and gas exploration and production spending. "The year 2000 will be a transition year, the later we get into the year the better things will become...We troughed in the third quarter (1999)," Robert Rose, Chairman, President and CEO of offshore driller Global Marine. "But we have to wait to 2001 before we start having the kind of earnings we had in 1997…

Global Marine Reports Profit Slump

Offshore oil driller Global Marine Inc. announced that first quarter earnings fell sharply compared with the same period of 1999, but showed signs of stabilization after a steady decline in earnings since mid-1998. After a restructuring charge, net income fell to $12.6 million from $36.8 million in the first quarter of 1999. Its earnings were more or less steady with the final quarter of last year. Revenues totaled $204 million compared to $228 million in the comparable period last year. Drilling contractors have not yet profited fully from last year's strong rise in oil prices, because oil companies have been cautious in raising their drilling budgets. However, drilling stocks have risen sharply in anticipation of a recovery.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News