Nabors Industries reports Q3 EPS ($6.86) with charges, consensus ($2.20)

Reports Q3 revenue $732M, consensus $748.75M. The third quarter included net charges totaling approximately $25M, primarily reflecting the redemption premium on the 2026 notes and market adjustments on investments. Anthony Petrello, Nabors Chairman, CEO and President, commented, “We are excited as we move forward with our announced acquisition of Parker Wellbore. Our companies’ portfolios are highly complementary. Parker’s recent track record speaks for itself. Quail Tools, already the leader in its space, plays a key role as operators extend the lengths of their wellbore laterals. The transaction increases our scale, provides incremental growth and improves our leverage metrics. Our third quarter operating results matched our overall expectations. Higher average daily margins and an improved mix drove growth in our International Drilling segment. International growth also resulted in better performance for our Drilling Solutions segment.