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Diamond Offshore Drilling EPS Expectations Down Over Past Month

This article is more than 9 years old.

Leading up to Diamond Offshore Drilling's announcement of its third-quarter earnings on Thursday, October 23, 2014 analysts have become more wary as expectations have fallen over the past month to earnings of 78 cents per share from earnings of 81 cents per share.

Over the past three months, the consensus estimate has sagged from 85 cents. Analysts are expecting earnings of $2.95 per share for the fiscal year. Revenue is projected to eclipse the year-earlier total of $706.2 million by 5%, finishing at $740.5 million for the quarter. For the year, revenue is expected to come in at $2.89 billion.

For the last four quarters, the company has seen falling revenue. Revenue declined 2% to $692.2 million in the second quarter. The figure fell 3% in the first quarter from the year earlier, dropped 3% again in the fourth quarter from the year-ago quarter and 3% once more in the third quarter.

Over the last four quarters, the company saw a year-over-year drop in revenue by an average of 3%. The biggest fall was in the fourth quarter, when it fell 3% from the year-earlier quarter.

Diamond Offshore Drilling offers a range of services worldwide in various oil and gas drilling markets, including the deep water, harsh environment, conventional semisubmersible, and jack-up markets. Patterson-UTI Energy, also in the oil well services and equipment industry, will report earnings on Thursday, October 23, 2014. Analysts are expecting earnings of $0.46 per share for Patterson-UTI Energy. Other companies in the oil well services and equipment industry with upcoming earnings release dates include: Hercules Offshore, Noble and Transocean.

Earnings estimates provided by Zacks.

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