Nabors Results Miss Estimates; Sees Weakness In U.S. Drilling Operations

(RTTNews) - Nabors Industries Ltd (NBR), a provider of drilling rig services, on Monday reported fourth-quarter net loss of $891 million or $3.08 per share compared with a profit of $150.6 million or $1.50 per share last year.

Results for the latest quarter included impairment charges of about $1 billion.

Excluding items, adjusted earnings for the quarter were $0.33 per share.

The company's revenues for the quarter were lower at $1.79 billion compared with $1.61 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.39 per share on revenues of $1.83 billion for the quarter. Analysts' estimates typically exclude special items.

Going forward, Nabors said it expects sharp decline in U.S. drilling operations, partly offset by improvement in International and Alaska drilling operations.

The company also expects smaller but meaningful decreases in its completion and production services businesses. The International unit is expected to grow at a smaller pace than expected and the potential for geopolitical interruptions is higher, Nabors said.

NBR closed Monday at $12.54, down $0.27 or 2.11%, on a volume of 7.2 million shares on the NYSE. In after hours, the stock dropped $0.27 or 2.11%.