Noble Q3 Profit Rises, Tops Estimate - Update

Wed. October 21, 2009; Posted: 08:30 PM

(RTTNews) - Offshore drilling contractor Noble Corp. (NE | Quote | Chart | News | PowerRating) said Wednesday that its third quarter profit increased over last year, helped by higher operating revenues. The company's quarterly earnings came in well-ahead of the Street consensus, as did quarterly revenues.

The Sugar Land, Texas-based company posted net earnings to common shareholders of $421.6 million or $1.63 per share for the third quarter, up from $379.2 million or $1.42 per share in the prior year quarter. On average, 32 analysts polled by Thomson Reuters expected the company to report earnings of $1.53 per share for the third quarter. Analysts' estimates typically exclude special items.

Net income for the quarter rose to $426 million from $383 million in the year-ago quarter.

The results for the latest quarter include a net tax benefit of $0.05 per share related to the settlement of tax assessments in various locales and other discrete items.

Third quarter operating revenues increased to $905.64 million from $861.98 million in the same quarter last year. Twenty-three analysts had a consensus revenue estimate of $905.60 million for the third quarter.

Contract drilling services revenues for the quarter rose 4.8% to $875 million for the third quarter 2009. Labor contract drilling services fell 8.5% to $7.5 million over a year earlier.

Contract drilling margins were about 71%, generating $517 million in net cash provided by operating activities. Noble invested $367 million in capital projects during the quarter.

Total operating cost and expenses increased to $401.22 million from $394.33 million in the prior year quarter.

During the quarter, Noble repurchased 2.0 million shares, bringing year-to-date total repurchases to 3.7 million shares at an average price per share of $30.35 and a total cost of $113 million.

For the nine-month period of 2009, Noble reported net income to common shareholders of $1.22 billion or $4.70 per share, compared to $1.13 billion or $4.23 per share in the previous year period.

Operating revenues for the period increased to $2.70 billion from $2.54 billion in the prior year period.

Noble closed Wednesday's regular trading session at $42.62, up 9 cents, on a volume of 4.47 million shares. In after-hours, the shares further gained 48 cents or 1.13%.

For full details on Noble Corp (NE) click here. Noble Corp (NE) has Short Term PowerRatings of 5. Details on Noble Corp (NE) Short Term PowerRatings is available at This Link.

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