November 9, 2017 - 7:00 AM EST
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Earnings Review and Free Research Report: Nabors’ Revenue Jumped 27%

Research Desk Line-up: Concho Resources Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 9, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Nabors Industries Ltd (NYSE: NBR), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=NBR, following the Company's announcement of its third quarter fiscal 2017 operating results on October 24, 2017. The drilling contractor's revenue and earnings numbers fell short of market expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Oil & Gas Drilling & Exploration industry. Pro-TD has currently selected Concho Resources Inc. (NYSE: CXO) for due-diligence and potential coverage as the Company reported on October 31, 2017, its financial results for Q3 2017. Register for a free membership today, and be among the early birds that get access to our report on Concho Resources when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on NBR; also brushing on CXO. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=NBR

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Earnings Reviewed

Nabors reported operating revenues of $662.10 million in Q3 2017 compared to $519.73 million in Q3 2016. The Company's revenue numbers fell short of analysts' estimates of $675.1 million.

For Q3 2017, Nabors reported an operating income of negative $133.99 million compared to a loss of $134.97 million in Q3 2016. During the reported quarter, the Company averaged 212 rigs working at an average gross margin of $10,749 per rig day compared to 206 average rigs working at $10,809 per rig day during Q2 2017.

Nabors' net loss from continuing operations was $121.40 million, or $0.42 per diluted share, for Q3 2017 compared to a loss of $99.02 million, or $0.39 per diluted share, for Q3 2016. The Company's loss was higher than Wall Street's estimates of $0.33 per share.

For Q3 2017, Nabors' adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) improved by 3% sequentially to $142.87 million. The increase was largely attributable to a 7% increase in both rig activity and margins in the Company's Lower 48 operations and higher margins internationally. These increases were significantly offset by lower results in the Rig Services segment.

Segment Results

During Q3 2017, Nabors' US Drilling segment posted a 14% q-o-q increase in adjusted EBITDA, at $43 million with an average of 107 rigs working compared to 101 rigs working during Q2 2017. The Lower 48 operations increased by seven average rigs working during the reported quarter, including the deployment of its first of two Quad rigs in July 2017.

International adjusted EBITDA was $137 million for the reported quarter, a slight increase compared to the $135 million in the previous quarter. The improvement was attributed to higher average daily rig margins of $18,233 per rig day.

For Q3 2017, Nabors' adjusted EBITDA from Canada operations totaled $2.57 million compared to $4.18 million in Q2 2017, principally due to a less favorable rig mix and post breakup startup cost. The average number of rigs working during the reported quarter was 14, with average daily rig margins of $3,497.

During Q3 2017, adjusted EBITDA for Rig Services, which consists of the Company's manufacturing, drilling technology, and other related services, was substantially lower at $1.8 million compared to $5.47 million in Q2 2017, due to a drop in Canrig shipments. Most of the lower Canrig volume was attributable to delivery deferrals, triggered by commodity concerns, by several customers into subsequent quarters. Additionally, there were a smaller number of outright cancellations due to the loss of momentum in the US Lower 48 rig count.

Cash Matters

Nabors' capital expenditure was $130 million for Q3 2017, down from $136 million in Q2 2017. The Company is forecasting capital expenditure to finish in the range of $500 million to $550 million for FY17. Nabors' net debt ended at $3.7 billion for Q3 2017.

Stock Performance

On Wednesday, November 08, 2017, Nabors Industries' stock closed the trading session at $6.27, rising 1.29% from its previous closing price of $6.19. A total volume of 11.04 million shares were exchanged during the session, which was above the 3-month average volume of 9.94 million shares. Shares of the Company have a dividend yield of 3.83% and currently have a market cap of $1.75 billion.

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Source: ACCESSWIRE Investor Awareness (November 9, 2017 - 7:00 AM EST)

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