Diamond Offshore Drilling: 2Q Earnings Snapshot
HOUSTON (AP) _ Diamond Offshore Drilling Inc. (DO) on Monday reported a second-quarter loss of $69.3 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Houston-based company said it had a loss of 50 cents. Losses, adjusted for asset impairment costs and restructuring costs, came to 33 cents per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 41 cents per share.
The offshore oil and gas drilling contractor posted revenue of $268.9 million in the period, which missed Street forecasts. Seven analysts surveyed by Zacks expected $283.3 million.
Diamond Offshore Drilling shares have climbed nearly 3 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 5 percent. The stock has risen 59 percent in the last 12 months.