Independent Contract Drilling: 2Q Earnings Snapshot
HOUSTON (AP) _ Independent Contract Drilling Inc. (ICD) on Thursday reported a loss of $12.9 million in its second quarter.
On a per-share basis, the Houston-based company said it had a loss of 17 cents. Losses, adjusted for asset impairment costs and costs related to mergers and acquisitions, came to 7 cents per share.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 4 cents per share.
The provider of drilling services for oil and natural gas producers posted revenue of $52.9 million in the period.
The company’s shares closed at $1.32. A year ago, they were trading at $4.03.