Independence Contract Drilling (ICD) Tops Q1 EPS by 1c, Beats on Revenues

Independence Contract Drilling (NYSE: ICD) reported Q1 EPS of ($0.11), $0.01 better than the analyst estimate of ($0.12). Revenue for the quarter came in at $25.6 million versus the consensus estimate of $24.82 million.

First Quarter 2018 Highlights

• Record quarterly revenues of $25.6 million.
• Net loss of $4.1 million, or $0.11 per share.
• Adjusted net loss, as defined below, of $4.3 million, or $0.11 per share.
• Adjusted EBITDA, as defined below, of $3.9 million.
• Fleet utilization of 100.0%.
• Revenue days of 1,259.
• Fully-burdened margin per day of $5,641 per day.
• Net debt, excluding capitalized leases, of $50.7 million, on a borrowing base of $102.6 million.

Chief Executive Officer Byron Dunn commented, "ICD\'s first quarter continued the trend of full effective utilization of our ShaleDriller fleet. The first quarter also reflected the initial rerating of contracts in backlog to current market conditions, evidenced by sequential improvements in revenue per day. Based upon the contract expiration matrix currently established for 2018, as well as additional opportunities to renew contracts for remaining contract rolls, we are confident this trend will continue throughout 2018. Construction of our next newbuild ShaleDriller has begun and it remains on schedule to enter our drilling fleet mid third quarter".

For earnings history and earnings-related data on Independence Contract Drilling (ICD) click here.

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