Breaking Finance News

Transocean Reports Earnings Blowout

Transocean Inc. (NYSE: RIG) reported second quarter EPS of $1.61–blowing out street estimates of $1.12. EPS were up 45% year over year. Revenue was $2.33 billion versus estimates of $2.27 billion. Sales were down 3% from last year.

From the press release:

For the three months ended June 30, 2013 the company reported net income attributable to controlling interest of $307 million, $0.84 per diluted share, which included net unfavorable items of $87 million, or $0.24 per diluted share. After consideration of these net unfavorable items, second quarter 2013 adjusted earnings from continuing operations were $394 million, or $1.08 per diluted share.  A reconciliation of the non-GAAP adjusted net income and diluted earnings per share is included in the accompanying schedules.

Revenues for the three months ended June 30, 2014 were $2.328 billion, compared with revenues of $2.339 billion during the quarter ended March 31, 2014. Revenue efficiency for Transocean`s entire fleet was 95.0 percent in the second quarter, compared with 95.7 percent in the first quarter of 2014. Ultra-deepwater revenue efficiency was 94.0 percent, compared with 96.4 percent in the prior quarter. Fleet utilization was 78 percent, unchanged from the prior quarter.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with MarketBeat.com's FREE daily email newsletter.