Tuesday, July 26, 2011

Nabors Industries Ltd. (NYSE: NBR): Q2 2011 Earnings Roundup

Nabors Industries Ltd. (NYSE: NBR) reported late Tuesday that its second-quarter profit climbed to $192 million, or 65 cents a share, from a profit of $43.6 million, or 15 cents a share, in the year-earlier quarter. Profit from continuing operations was 23 cents a share. Revenue climbed to $1.36 billion from $907 million.  Analysts, on averge, expected the company to report earnings of 25 cents a share on revenue of $1.33 billion.

Gene Isenberg, Nabors' Chairman and CEO, commented, "The quarter exceeded our previous indications with better than anticipated results in our US Lower 48, Alaskan and Canadian land drilling units. The solid June results in our Pressure Pumping business suggest a return to expected levels of performance. Our International, US Well-servicing and US Offshore units performed as expected, as did our Other Operating Segments. 

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