Nabors Announces First Quarter 2013 Results
Bermuda-registered Nabors Industries Ltd. today [Apr 23] reported its financial results for the first quarter of 2013.
Adjusted income derived from operating activities was $149.6 million, compared to $315.5 million in the first quarter of 2012 and $149.8 million in the fourth quarter of 2012. Operating cash flow (EBITDA) was $423.0 million for the first quarter compared to $563.2 million and $427.0 million, respectively, in the first and fourth quarters of last year.
Net income from continuing operations was $97.2 million ($0.33 per diluted share), compared to $142.6 million ($0.49 per diluted share) in the first quarter of 2012 and $129.3 million ($0.44 per diluted share) in the fourth quarter of 2012.
Operating revenues and earnings from unconsolidated affiliates for this quarter totaled $1.58 billion, compared to $1.82 billion in the comparable quarter of the prior year and $1.60 billion in the fourth quarter of 2012.
First quarter results included a gain on the sale of a large portion of marketable securities net of charges related to the previously disclosed CEO employment contract restructuring. The quarter’s results also benefited from a lower effective tax rate, principally attributable to the settlement of a long outstanding tax dispute.
Tony Petrello, Nabors’ Chairman, President & CEO, commented, “Operating income and cash flow were essentially flat compared to the fourth quarter, as improved results in Production Services coupled with the seasonal peak in Canada were offset by a sharp decline in Completion Services and more moderate declines in our U.S. and International drilling operations.
“The anticipated seasonal trough in Completion Services was exacerbated by the slow restart of activity following the holidays and the series of late winter storms across the areas where a majority of our operations are located.
“Despite the slow start, we expect our performance to improve later this year as we begin to restore operating leverage across our Production Services and drilling operations.”
“Our initiatives to streamline and consolidate our operations are reflected in an enhanced reporting format beginning this quarter. This format reflects the way in which we now analyze our businesses and provides better visibility into the cash contribution of each of our segments.”
