BORR - Borr Drilling reports mixed Q2 earnings; narrows FY23 and FY24 Adjusted EBITDA outlook

2023-08-17 02:20:16 ET

• Borr Drilling press release ( NYSE: BORR ): Q2 GAAP EPS of $0.00 misses by $0.09 .
• Revenue of $187.5M (+78.1% Y/Y) beats by $11.43M .
• Adjusted EBITDA of $84.0 million, an increase of $11.6 million or 16% compared to the first quarter of 2023.
• Total contract revenue backlog as at June 30, 2023 of $1.65 billion.
• "Our full year Adjusted EBITDA in 2023 is now estimated to be between $330 to $360 million. We expect our financial performance in the third quarter of 2023 to be similar to the second quarter, which we expect will be followed by an increase in the fourth quarter, when for the first time all of the Company's 22 delivered rigs will be in operation."
• "We have narrowed the estimated range of Adjusted EBITDA for full year 2024 to be between $500 to $550 million."

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