Transocean stock (NYSE:RIG) is surging more than 1% late in the day Monday as the company unveiled its latest quarterly earnings results, which were stronger than what analysts were calling for on both the earnings and revenue fronts.
The company said that for its third quarter of fiscal 2018, it amassed a loss that amounted to $409 million. Based out of Steinhausen, Switzerland, the company added that this figure came in at 88 cents per share.
Transocean added that its earnings came in at 6 cents per share when adjusted for asset impairment costs and costs related to mergers and acquisitions. Analysts were expecting for the company to bring in adjusted earnings of 9 cents per share, according to data compiled by eight analysts who were surveyed by Zacks Investment Research.
The company added that thanks to a strong quarter in its oil and gas drilling business, its revenue tallied up to $816 million. This figure was also better than what the Wall Street consensus estimate was asking for with revenue of $777.9 million, also according to Zacks.
RIG stock was down about 5.1% during regular trading hours in anticipation of the company’s latest quarterly earnings results on Monday. A strong earnings showing helped its stock gain about 1.4% after the bell, while the company’s sales for the period were ahead of the mark as well.