Nabors Industries (NYSE: NBR) reported Q1 EPS of ($4.54), $3.00 worse than the analyst estimate of ($1.54). Revenue for the quarter came in at $734 million versus the consensus estimate of $728.79 million.

Outlook

Nabors expects the following metrics for the second quarter of 2024:

U.S. Drilling

Lower 48 average rig count of approximately 70 rigs
Lower 48 daily adjusted gross margin of approximately $15,500
Alaska and Gulf of Mexico adjusted EBITDA of approximately $21 million

International

Average rig count up by two to three rigs versus the first quarter average
Daily adjusted gross margin of approximately $15,700

Drilling Solutions

Adjusted EBITDA of $30 - $32 million

Rig Technologies

Adjusted EBITDA of $8 - $10 million

Capital Expenditures

Capital expenditures of approximately $190 million, with approximately $70 million for the newbuilds in Saudi Arabia
Full-year capital expenditures of approximately $590 million, including funding for the recent rig awards

Mr. Petrello concluded, "I am pleased with our early success to secure additional backlog in our international business. We are targeting several more opportunities and are optimistic for additional success. We also see growing adoption of our advanced technology, both in the U.S. on third-party rigs and in international markets. These developments validate our strategy and should drive future free cash flow."

For earnings history and earnings-related data on Nabors Industries (NBR) click here.