Transocean Earnings: RIG Stock Dips on Q3 EPS Miss

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.

Transocean Earnings: RIG Stock Dips on Q3 EPS Miss

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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.


Article printed from InvestorPlace Media, https://investorplace.com/2019/10/transocean-earnings-drop-rig-stock/.

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