2023-07-25 16:29:51 ET
- Nabors press release ( NYSE: NBR ): Q2 GAAP EPS of -$0.31 misses by $2.50 .
- Revenue of $778.81M (+23.3% Y/Y) beats by $9.43M.
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Nabors expects the following metrics for the third quarter 2023:
U.S. Drilling
- Lower 48 average rig count of 74 - 76 rigs
- Lower 48 adjusted gross margin per day approaching $16,000
- Alaska and Gulf of Mexico adjusted EBITDA down by approximately $7 million due mainly to recertification-related work on the M400 offshore rig
International
- Rig count up by one to two rigs versus the second quarter average
- Adjusted gross margin per day of approximately $16,000 - $16,200
Drilling Solutions
- Adjusted EBITDA up by approximately 3% above the second quarter
Rig Technologies
- Adjusted EBITDA up by approximately $3 million vs the second quarter
Capital Expenditures
- Capital expenditures of $125 million, with approximately $48 million supporting newbuilds in Saudi Arabia
Adjusted Free Cash Flow
- Adjusted free cash flow for the third quarter of approximately $80 million and for the full year 2023 between $300 and $350 million
- Shares -2.99% .
For further details see:
Nabors GAAP EPS of -$0.31 misses by $2.50, revenue of $778.81M beats by $9.43M