Nabors Industries reports Q2 EPS ($4.29), consensus ($1.85)

Reports Q2 revenue $735M, consensus $739.25M. CEO Anthony Petrello commented, “Our Q2 operating results were better than we expected. This performance was driven by growth and higher average daily margins in our International Drilling segment, as well as stronger performance in our Drilling Solutions and Rig Technologies segments. Rig count continued to grow in our International segment, as we started up previously awarded rigs. With a substantial number of additional rig awards already in hand, across the Middle East and Latin America, we have a well-defined trajectory for international expansion over the next couple of years. We have scheduled 19 deployments over the next 18 months. We also have identified additional opportunities that could extend this growth path. Stable pricing supported our results in the Lower 48 market. Our average rig count decreased somewhat compared to the prior quarter, essentially in line with our expectation. Activity declines in the Northeast and South Texas were partially offset by increases in North Dakota and our Western region. Results in our Drilling Solutions segment were above our target, reflecting growth in our International markets as well as on third party rigs in the U.S.”