Nabors: 2Q Earnings Snapshot
HAMILTON, Bermuda (AP) _ Nabors Industries Ltd. (NBR) on Monday reported a loss of $203.6 million in its second quarter.
On a per-share basis, the Hamilton, Bermuda-based company said it had a loss of 61 cents. Losses, adjusted for one-time gains and costs, were 41 cents per share.
The results fell short of Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for a loss of 21 cents per share.
The drilling contractor posted revenue of $771.9 million in the period, which also did not meet Street forecasts. Eight analysts surveyed by Zacks expected $798.5 million.
In the final minutes of trading on Monday, the company’s shares hit $2.11. A year ago, they were trading at $6.01.