Two oilfield services players reported earnings this morning. National Oilwell Varco, Inc. (NYSE:NOV) and Diamond Offshore Drilling Inc. (NYSE:DO) both beat expectations, but only Diamond is getting a boost this morning.
National reported EPS of $1.13 and revenue of $3.48 billion, compared with the average analysts’ EPS estimate of $1.06 on revenue of $3.29 billion. The company’s backlog on equipment orders fell from $11.1 billion at the end of the 2008 fourth quarter, to $9.6 billion at the end of the first quarter of 2009. That and the company’s statement that “market conditions remain very challenging, and the timing of a recovery is uncertain” are probably the 1-2 punch pushing the shares down about 5% in early trading.
Diamond also beat analysts’ estimates for the quarter, reporting EPS of $2.51 on revenues of $885.7 million for the first quarter of 2009. Expectations averaged EPS of $2.22 and revenues of $878.5 million. Diamond also declared a special cash dividend of $1.875/share this morning, in addition to its regular dividend of $0.125/share. The company included no specific information with its earnings release. Diamond’s shares are trading up more than 6% this morning, at $75.52. The stock’s 52-week range is $53.30- $147.77.
Paul Ausick
April 23, 2009
It’s Your Money, Your Future—Own It (sponsor)
Retirement can be daunting, but it doesn’t need to be.
Imagine having an expert in your corner to help you with your financial goals. Someone to help you determine if you’re ahead, behind, or right on track. With SmartAsset, that’s not just a dream—it’s reality. This free tool connects you with pre-screened financial advisors who work in your best interests. It’s quick, it’s easy, so take the leap today and start planning smarter!
Don’t waste another minute; get started right here and help your retirement dreams become a retirement reality.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
