Independence Contract Drilling (ICD) Tops Q2 EPS by 1c, Revenues Beat

Independence Contract Drilling (NYSE: ICD) reported Q2 EPS of ($0.08), $0.01 better than the analyst estimate of ($0.09). Revenue for the quarter came in at $25.8 million versus the consensus estimate of $25.63 million.

Second Quarter 2018 Highlights

• Record quarterly revenues of $25.8 million.
• Net loss of $3.3 million, or $0.09 per share.
• Adjusted net loss, as defined below, of $3.2 million, or $0.08 per share.
• Adjusted EBITDA, as defined below, of $5.0 million.
• Fleet utilization of 99.3%.
• Record revenue days of 1,265.
• Fully-burdened margin per day of $6,377 per day.
• Net debt, excluding capitalized leases, of $56.2 million, on a borrowing base of $104.9 million.

Chief Executive Officer Byron Dunn commented, "Demand for pad-optimal rigs is robust and improved throughout the second quarter, driving sequential improvements in ICD revenue per day and average dayrate in backlog, which now exceeds $21,000 per day. We also realized a full quarter of benefits associated with efficiency efforts that drove improvements in cash costs at the rig level, which combined with our top-line growth, contributed to sequential improvements in margin per day of over 20% during the second quarter. With rigs continuing to roll to higher dayrates, and the completion of our 15th ShaleDriller® rig, which commenced operations in the Permian on budget and ahead of schedule in July, we expect to again see sequential margin improvement in the upcoming quarter. We remain on schedule with respect to our recently announced transaction with Sidewinder Drilling, and still expect a closing to occur early in the fourth quarter of 2018."

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

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