Diamond Offshore Drilling: 4Q Earnings Snapshot
HOUSTON (AP) _ Diamond Offshore Drilling Inc. (DO) on Monday reported a loss of $79.2 million in its fourth quarter.
On a per-share basis, the Houston-based company said it had a loss of 58 cents. Losses, adjusted for pretax expenses and restructuring costs, came to 42 cents per share.
The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 40 cents per share.
The offshore oil and gas drilling contractor posted revenue of $232.5 million in the period, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $246.9 million.
Diamond Offshore Drilling shares have risen nearly 6 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 8 percent. The stock has declined 33 percent in the last 12 months.