Nabors Industries (NBR) Reports Q1 Revenues Beat

Nabors Industries (NYSE: NBR) reported Q1 revenue for the quarter came in at $718 million versus the consensus estimate of $707.72 million.

Anthony G. Petrello, Nabors Chairman, CEO and President, commented, "I would like to recognize the efforts and performance of our global team during the COVID-19 pandemic. Collectively, we have minimized the impact to our employees and to our operations. Among our 14,000 employees, we have experienced less than 10 cases of the virus. I believe that our industry-leading safety culture and crisis management systems have proved invaluable in addressing this pandemic.

"In the first quarter, our operating performance was solid even as it reflected the early impact of the coronavirus. In the U.S. Lower 48, our customer base adjusted its prior plans and reduced activity, with the decrease accelerating as we approached the end of the quarter. Daily rig margins were impacted primarily by the costs to stack idled rigs, while pricing held steady.

"In our International Drilling segment, rig count remained stable as additional deployments in Mexico and Kuwait were offset by idled rigs in other countries particularly in Latin America. Adjusted EBITDA was affected by operational challenges brought on by COVID-19. In addition, we experienced higher than expected startup costs for rig deployments in Russia."

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

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