Pacific Drilling (PACD) Tops Q2 EPS by 4c

Pacific Drilling (NYSE: PACD) reported Q2 EPS of $0.22, $0.04 better than the analyst estimate of $0.18. Revenue for the quarter came in at $273.9 million versus the consensus estimate of $271.16 million.

CEO Chris Beckett said, "Our unique fleet of exclusively modern, high-specification drillships once again achieved industry-leading operational and financial results during the quarter. We delivered revenue efficiency ahead of our targets and costs well below our historical trends. Our focus on sustainable cost management resulted in extremely strong EBITDA, despite only five rigs in service during the quarter. We delivered an EBITDA margin above that of first quarter and the second-highest in our company's history. We will continue to optimize our cost structure while maintaining our focus on delivering the service quality for which we are earning a reputation as the industry's preferred ultra-deepwater drilling contractor."

For earnings history and earnings-related data on Pacific Drilling (PACD) click here.

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