- Nabors press release ( NYSE: NBR ): Q1 GAAP EPS of -$7.87 misses by $7.40 .
- Revenue of $769.34M (+35.3% Y/Y) beats by $28.07M .
-
Outlook
Nabors expects the following metrics for the first quarter 2023:
U.S. Drilling
- An increase in average Lower 48 rig count of one rig vs. the fourth quarter average
- Lower 48 adjusted gross margin per day of approximately $16,100 - $16,300
- A $2 to $3 million decrease in adjusted EBITDA for Alaska and U.S. Offshore combined, mainly due to two Alaska rigs going on standby rate
International
- Rig count up approximately one to two rigs vs. the fourth quarter average
- Adjusted gross margin per day approximately in line with the fourth quarter
Drilling Solutions
- Adjusted EBITDA up by approximately 6% above the fourth quarter level
Rig Technologies
- Adjusted EBITDA approximately in line with the fourth quarter
Capital Expenditures
- Capital expenditures of $150 million, of which approximately $45 million supports SANAD newbuilds
- Capital expenditures for the full year 2023 of $490 million, including $180 million for SANAD and an incremental $20 million for sustaining capex on the higher rig count
For further details see:
Nabors GAAP EPS of -$7.87 misses by $7.40, revenue of $769.34M beats by $28.07M