BORR - Why Borr Drilling Rallied Today
2024-05-23 16:55:26 ET
Shares of Borr Drilling (NYSE: BORR) rallied in today's trading, up 10.3% for the day Thursday.
The company, which contracts offshore oil and gas jack-up rigs for shallow water drilling, reported earnings this morning. But while the actual first-quarter profits may have underwhelmed, revenue beat estimates. Furthermore, management's projections for the year and decision to double the company's dividend seem to have overwhelmed all other considerations.
For Q1, Borr reported $234 million in revenue, above the consensus estimate of $230 million, though earnings per share of $0.06 missed estimates of $0.15. While the bottom line may have missed due to some unforeseen costs, it was still encouraging to see the company grow revenue, and for profits to flip into positive territory from a small loss in the year-ago quarter.
For further details see:
Why Borr Drilling Rallied Today