Driller and Services Firm Beat the Street (NOV, DO)

Energy

Published: April 23, 2009 8:57 am

Last Updated: April 27, 2020 8:31 pm

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

The Average American Has No Idea How Much Money You Can Make Today ^(Sponsor)

The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.

But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.

Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.

Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.

¹https://www.fdic.gov/national-rates-and-rate-caps