Transocean (RIG) Tops Q3 EPS by 11c, Sales Beat
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Transocean (NYSE: RIG) reported Q3 EPS of $0.25, $0.11 better than the analyst estimate of $0.14. Revenue for the quarter came in at $903 million versus the consensus estimate of $862.21 million.
- Revenues were $903 million, compared with $943 million in the second quarter of 2016;
- Operating and maintenance expense was $404 million, down from $500 million in the prior period;
- Net income attributable to controlling interest was $229 million, $0.62 per diluted share, compared with $77 million, $0.21 per diluted share, in the second quarter of 2016;
- Adjusted net income was $93 million, $0.25 per diluted share, excluding $136 million of net favorable items. This compares with $64 million, $0.17 per diluted share, in the prior quarter, excluding $13 million of net favorable items;
- Effective Tax Rate excluding discrete items (1) was 21.2 percent, compared with 16.3 percent in the second quarter of 2016;
- Cash flows from operating activities were $440 million, up from $207 million in the previous quarter;
- Revenue efficiency(2) was 100.7 percent, up from 96.5 percent in the second quarter of 2016; and
- Contract backlog was $12.2 billion as of the October 2016 Fleet Status Report.
For earnings history and earnings-related data on Transocean (RIG) click here.
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