Transocean (NYSE:RIG) earnings for the offshore drilling contractor’s third quarter of 2019 have RIG stock down after-hours Monday. That is due to its adjusted per-share losses of -38 cents. This misses Wall Street’s estimate of -37 cents for the quarter. Revenue of $784 million is above analysts’ estimates of $776.43 million, but can’t keep RIG stock going.
Let’s see what else went down in the most recent Transocean earnings report.
- RIG adjusted losses per share are worse off than earnings per share from the same time last year.
- The Transocean earnings report also sees revenue dropping 3.92% from $816 million in Q3 2018.
- Operating loss of -$607 million for the quarter increases 99.02% from -%305 million in the third quarter of the previous year.
- A net loss of -$825 million is 101.71% wider than the -$409 million from the same period of the year prior.
Transocean President and CEO Jeremy Thigpen has this to say about the third-quarter RIG stock earnings.
“In the third quarter, the Transocean team continued to operate at a high level for our customers and our shareholders. Driven by strong uptime performance across our global fleet, we delivered revenue efficiency of 97%, resulting in an Adjusted EBITDA Margin of 29%.”
The company will be going over the Transocean earnings report for the third quarter of 2019 on Tuesday. It will do this via a conference call taking place at 9:00 a.m. Eastern Time.
RIG stock was down slightly in after-hours trading on Monday.
As of this writing, William White did not hold a position in any of the aforementioned securities.