Noble Corp. Q4 Profit Climbs As Revenue Rises; Expects 2023 Revenue Above View

(RTTNews) - Noble Corporation Plc (NE), a British offshore drilling contractor, on Monday reported a rise in net profit for the fourth-quarter, amidst a surge in revenue.

For the three-month period to December 31, 2022, the company recorded a pre-tax income of $145.740 million, compared with a $130.432 million of previous year quarter.

Net income moved up to $134.962 million from last year's $123.436 million.

Income per share was at $0.92 as against $1.70 per share of 2021.

For December quarter, the weighted average shares outstanding rose to 147.268 million from 72.667 million shares of 2021.

Excluding items, earnings were at $61 million or $0.41 per share, compared with a loss of $26 million or $0.35 per share, a year ago. Seven analysts, on average, polled by Thomson-Reuters were estimating the firm to report earnings per share of $0.54. Analysts' estimates typically exclude one-time items.

Adjusted EBITDA increased to $157 million from $12 million of last year quarter.

Operating income stood at $164.241 million, versus $137.258 million of previous year.

Revenue surged to $622.592 million from $208.178 million of last year.

For 2023, Noble guided revenue above analysts' expectations. The firm sees revenue of $2.35 billion - $2.55 billion. Analysts, on average, project the drilling firm to post revenue of $2.29 billion.

For 2023, Noble forecasts adjusted EBITDA of $725 million - $825 million, with a capital expenditure of $325 million - $365 million.