Diamond Offshore Drilling: 2Q Earnings Snapshot
HOUSTON (AP) _ Diamond Offshore Drilling Inc. (DO) on Monday reported a loss of $114 million in its second quarter.
The Houston-based company said it had a loss of 83 cents per share. Losses, adjusted for pretax gains and asset impairment gains, came to 99 cents per share.
The results missed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 89 cents per share.
The offshore oil and gas drilling contractor posted revenue of $216.7 million in the period, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $226.9 million.
Diamond Offshore Drilling shares have fallen 22% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 17%. The stock has decreased 60% in the last 12 months.