Stocks
ETFs
Options
Commodities
Crypto
Currency
Pro Newsletters
Research Tools
Daily Feeds
Calendars
Economic Indicators
Class Actions
Calculators
Education
About Us
Working with TipRanks
Follow Us
Independence Contract Drilling, Inc. (ICDIQ)
:ICDIQ
Holding ICDIQ?
Track your performance easily
Earnings Data
Report Date
Feb 28, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
―Last Year’s EPS
―Same Quarter Last Year
Based on 0 Analysts Ratings
---
Earnings Call Summary
Earnings Call Date:Nov 06, 2018
|% Change Since: -75.67%
|Next Earnings Date:Aug 02, 2018
Earnings Call Sentiment|Neutral
The earnings call indicates a mixed performance with notable achievements in cost control and utilization in the Permian market. However, challenges in the Haynesville market and lower dayrate revenues present ongoing issues. Despite the adjusted net loss, the company shows optimism for future growth opportunities.Company Guidance
During the first quarter of 2024, Independence Contract Drilling, Inc. (ICD) reported financial results that exceeded prior guidance, with an adjusted net loss of $7.2 million or $0.50 per share and adjusted EBITDA of $11.8 million. The company operated an average of 15.1 rigs, achieving a margin per day of $11,829, surpassing expectations due to strong cost control measures. Revenue per day for 300 series rigs in the Permian Basin remained stable at around $30,000, while the remaining 200 series rig earned in the high $20,000s. The company faced challenges in the Haynesville market, operating only two rigs at lower dayrates. SG&A expenses were $4.3 million, with $216,000 attributed to stock-based and deferred compensation expenses. Cash SG&A was $4 million, aligning with guidance, and included $300,000 in onetime charges. Interest expense totaled $9.9 million, including $2.7 million in noncash amortization. The company recorded a tax benefit of $231,000. Capital expenditures amounted to $8.2 million, with $8.1 million related to prior period items. ICD's financial liquidity stood at $20.4 million, comprising $6.9 million in cash and $13.5 million available under its revolving credit facility.Better Than Expected Financial Results
ICD's financial results for the quarter were better than prior guidance, driven by slightly better utilization and strong cost control. Adjusted EBITDA was reported at $11.8 million.
Successful Rig Relocation and Utilization
ICD successfully relocated a working rig from Haynesville to the Permian market, increasing utilization and securing work for a new customer.
Cost Reduction Initiatives
Cost efficiencies were achieved through cost reduction initiatives and strong performance by rig and support staff, resulting in a margin per day of $11,829, exceeding guidance.
Strong Presence in Permian Market
ICD's Permian market continues to perform well despite a declining overall rig count, with expectations for an increase in private operator rig count in the second half of 2024.
---
ICDIQ Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
---
ICDIQ Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 29, 2024 | $0.06 | $0.06 | 0.00% |
| Aug 07, 2024 | $1.21 | $0.73 | -39.67% |
| May 01, 2024 | $1.87 | $1.85 | -1.07% |
| Feb 28, 2024 | $1.88 | $1.79 | -4.79% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
---
FAQ
When does Independence Contract Drilling, Inc. (ICDIQ) report earnings?
Independence Contract Drilling, Inc. (ICDIQ) is schdueled to report earning on Feb 28, 2025, TBA Not Confirmed.
What is Independence Contract Drilling, Inc. (ICDIQ) earnings time?
Independence Contract Drilling, Inc. (ICDIQ) earnings time is at Feb 28, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is ICDIQ EPS forecast?
Currently, no data Available
---