Nabors (NBR) Reports Wider-Than-Expected Q2 Loss as Costs Rise

Zacks07-24

Nabors Industries Ltd. NBR reported loss per share of $4.29 in the second quarter of 2024, wider than the Zacks Consensus Estimate of a loss of $1.77 per share and the year-ago quarter’s reported loss...

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NBR reported loss per share of $4.29 in the second quarter of 2024, wider than the Zacks Consensus Estimate of a loss of $1.77 per share and the year-ago quarter’s reported loss...</p>\n\n<a href=\"https://finance.yahoo.com/news/nabors-nbr-reports-wider-expected-114800380.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nabors (NBR) Reports Wider-Than-Expected Q2 Loss as Costs Rise</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNabors (NBR) Reports Wider-Than-Expected Q2 Loss as Costs Rise\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-07-24 19:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/nabors-nbr-reports-wider-expected-114800380.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nabors Industries Ltd. NBR reported loss per share of $4.29 in the second quarter of 2024, wider than the Zacks Consensus Estimate of a loss of $1.77 per share and the year-ago quarter’s reported loss...</p>\n\n<a href=\"https://finance.yahoo.com/news/nabors-nbr-reports-wider-expected-114800380.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4179","symbol_name":"石油天然气设备与服务","start_time":0,"source_url":"https://finance.yahoo.com/news/nabors-nbr-reports-wider-expected-114800380.html","article_id":"2453071770","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/fXB_F8gz17s8Yrmr_TTaRg--~B/aD0zODg7dz02MjA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/d6af9a34df50d1a2b643cce597c64908"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2453071770","pubTimestamp":1721821680,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Nabors Industries Ltd. NBR reported loss per share of $4.29 in the second quarter of 2024, wider than the Zacks Consensus Estimate of a loss of $1.77 per share and the year-ago quarter’s reported loss of $2.26. The underperformance was primarily due to poor contributions from NBR’s U.S. Drilling and Rig Technologies segments and higher year-over-year total costs and expenses.Operating revenues of $734.8 million missed the Zacks Consensus Estimate of $741 million and decreased from the year-ago quarter’s level of $767.1 million.Adjusted EBITDA decreased to $218.1 million from $235 million recorded a year ago. It also missed our model estimate of $228.6 million.Nabors Industries Ltd. Price, Consensus and EPS Surprise. Nabors Industries Ltd. price-consensus-eps-surprise-chart | Nabors Industries Ltd. Quote. In the second quarter of 2024, Nabors generated $57 million in adjusted free cash flow. Capital expenditures totaled $138 million, with $56 million allocated for new builds in Saudi Ar","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4179":"石油天然气设备与服务","KMI":"金德尔摩根","BK4585":"ETF&股票定投概念","BK4588":"碎股","DCF":"Dreyfus Alcentra Global Credit Income 2024 Target Term Fund, Inc","NBR":"纳伯斯","HAL":"哈里伯顿","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","BK4144":"石油与天然气的储存和运输","LBRT":"Liberty Oilfield Services Inc.","BK4092":"石油与天然气钻井"},"translate_title":"由于成本上升，纳伯斯(NBR)报告第二季度亏损超出预期","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DCF":1,"HAL":1,"LBRT":1,"NBR":1,"KMI":0.9},"content_text":"Nabors Industries Ltd. NBR reported loss per share of $4.29 in the second quarter of 2024, wider than the Zacks Consensus Estimate of a loss of $1.77 per share and the year-ago quarter’s reported loss of $2.26. The underperformance was primarily due to poor contributions from NBR’s U.S. Drilling and Rig Technologies segments and higher year-over-year total costs and expenses.\nOperating revenues of $734.8 million missed the Zacks Consensus Estimate of $741 million and decreased from the year-ago quarter’s level of $767.1 million.\nAdjusted EBITDA decreased to $218.1 million from $235 million recorded a year ago. It also missed our model estimate of $228.6 million.\n\nNabors Industries Ltd. Price, Consensus and EPS Surprise\n  \nNabors Industries Ltd. price-consensus-eps-surprise-chart | Nabors Industries Ltd. Quote\n\nSegmental Performances\nU.S. Drilling generated operating revenues of $259.7 million, down 17.5% from the year-ago quarter’s level of $314.8 million. The figure also missed our model estimate of $291.8 million. Operating profit totaled $45.1 million compared with $75.4 million in the year-ago quarter. The figure missed our estimated profit of $58.2 million.\nInternational Drilling’s operational revenues of $356.7 million increased from $337.7 million a year ago. The unit’s top line beat our estimate of $352.7 million. Operating profit totaled $23.7 million compared with the prior-year quarter’s level of $10.4 million. The figure also surpassed our estimated profit of $15.7 million.\nRevenues from the Drilling Solutions segment totaled $83 million, up 7.9% from $76.9 million recorded in the prior-year quarter. The top line beat our estimate of $76.9 million. Additionally, the unit’s operating income of $27.3 million was lower than the year-ago quarter’s figure of $28.4 million. However, it surpassed our projection of $26.4 million.\nRevenues from Rig Technologies totaled $49.5 million, down 22.2% from the prior-year quarter’s level of $63.6 million. The top line beat our projection of $29.6 million. The segment’s operating profit totaled $4.9 million compared with the prior-year quarter’s level of $5.1 million. The figure beat our projection of $3.8 million.\nFinancial Position\nNabors’ total costs and expenses increased to $740.5 million from $736.1 million in the year-ago quarter, reflecting higher research and engineering, depreciation and amortization, interest expense and other expenses. Additionally, the amount surpassed our prediction of $722.8 million.\nAs of Jun 30, 2024, this Zacks Rank #3 (Hold) company had $473.6 million in cash and short-term investments. Long-term debt was about $2.5 billion, with a total debt-to-total capital of 83.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\nIn the second quarter of 2024, Nabors generated $57 million in adjusted free cash flow. Capital expenditures totaled $138 million, with $56 million allocated for new builds in Saudi Arabia.\nGuidance\nNBR’s management anticipates that its pipeline of scheduled international deployments will boost the rig count by at least 20% from the end of 2023 to the end of 2025. This growth will include rigs deployed in Algeria, Argentina, Kuwait and Saudi Arabia.\nFor the third quarter of 2024, Nabors expects the average rig count in the U.S. drilling segment to be around 70. It also expects a daily margin between $15,200 and $15,500. The adjusted EBITDA for Alaska and the Gulf of Mexico is estimated to be $20 million.\nNabors anticipates that for the International Drilling segment in the third quarter of 2024, the average rig count will increase by one rig compared to the second quarter average, alongside a daily adjusted gross margin of between $16,200 and $16,300.\nIn terms of financial performance, NBR expects a sequential Adjusted EBITDA increase of 6% for its Drilling Solutions segment. The company anticipates adjusted EBITDA up sequentially by $1.5 million for its Rig Technologies segment.\nFurthermore, Nabors expects third-quarter 2024 capital expenditures to be $190-$200 million, with $80-$85 million for new projects in Saudi Arabia. The full-year capital expenditure estimate is around $590 million, including funds for recent rig awards. Additionally, NBR anticipates a full-year adjusted free cash flow of $100-$200 million.\nImportant Energy Earnings So Far\nWhile it's early in the earnings season, there have been a few key energy releases thus far. Let’s glance through a couple of them.\nLiberty Energy LBRT, the Denver-CO-based oil and gas equipment company, announced second-quarter 2024 adjusted earnings of 61 cents per share, which marginally beat the Zacks Consensus Estimate of 60 cents. However, LBRT’s bottom line underperformed the year-ago quarter’s reported figure of 87 cents due to a year-over-year increase in costs and expenses.\nAhead of the earnings release, Liberty’s board of directors announced a cash dividend of 7 cents per common share, payable on Sep 20, 2024, to its stockholders of record as of Sep 6. As part of its shareholder return policy, LBRT repurchased the company’s shares worth $30 million at an average price of $20.39 per share in the reported quarter. Liberty returned $41 million to its shareholders through share repurchases and cash dividends.\nHouston, TX-based Halliburton Company HAL, an oil and gas equipment and services provider, reported second-quarter 2024 adjusted net income per share of 80 cents, in line with the Zacks Consensus Estimate and above the year-ago quarter profit of 77 cents (adjusted). The robust numbers reflect strength in the international markets.\nAs of Jun 30, 2024, the company reported $2.1 billion in cash and cash equivalents and $7.6 billion in long-term debt, representing a debt-to-capitalization ratio of 43.2. HAL also bought back $250 million worth of its stock in the April-June period. The company generated $1.1 billion of cash flow from operations in the second quarter, leading to a free cash flow of $793 million.  \nMeanwhile, energy infrastructure provider Kinder Morgan KMI reported second-quarter adjusted earnings per share of 26 cents, in line with the Zacks Consensus Estimate. The bottom line was favorably impacted by strong financial contributions from the Natural Gas Pipelines, Products Pipelines and Terminals business segments. Moreover, KMI’s second-quarter discounted cash flow (DCF) was $1.10 billion, up from $1.07 billion a year ago.\n\nAs of Jun 30, 2024, Kinder Morgan reported $98 million in cash and cash equivalents. Its long-term debt amounted to $28.5 billion at the quarter-end. For the full-year 2024, KMI anticipates a DCF of $5 billion ($2.26 per share) and an adjusted EBITDA of $8.16 billion, each indicating 8% growth from the previous year’s reported figures.\n\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nHalliburton Company (HAL) : Free Stock Analysis Report\nNabors Industries Ltd. (NBR) : Free Stock Analysis Report\nKinder Morgan, Inc. (KMI) : Free Stock Analysis Report\nLiberty Energy Inc. (LBRT) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.26.3","shortVersion":"4.26.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2453071770"}