2023-04-24 16:20:04 ET
- Nabors press release ( NYSE: NBR ): Q1 GAAP EPS of $4.11 beats by $2.95 .
- Revenue of $789M (+38.7% Y/Y) beats by $16.13M .
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Nabors expects the following metrics for the second quarter 2023:
U.S. Drilling
- Lower 48 average rig count of 85 rigs
- Lower 48 adjusted gross margin per day of approximately $16,900 - $17,000
International
- Rig count approximately in-line with the first quarter average
- Adjusted gross margin per day of approximately $15,900 - $16,100
Drilling Solutions
- Adjusted EBITDA up by approximately 3% above the first quarter level
Rig Technologies
- Adjusted EBITDA up by approximately $2 - $3 million vs the first quarter
Capital Expenditures
- Capital expenditures of $140 million, of which approximately $55 million supports newbuilds in Saudi Arabia
- Expect reductions in our prior target capital expenditures for the full year 2023 in the Lower 48 and Colombia in line with the current market environment
Adjusted Free Cash Flow
- Adjusted free cash flow for the full year 2023 of approximately $400 million
For further details see:
Nabors GAAP EPS of $4.11 beats by $2.95, revenue of $789M beats by $16.13M