Offshore drilling contractor Ensco plc (ESV) announced its first quarter earnings results on Monday, April 29. Overall, these results continued to show the overall great future potential that we have come to expect from this company. Ensco achieved record revenues in the first quarter and increased its dividend by 33% to $2.00 per share annualized. The company also managed to grow its earnings and operating income significantly year-over-year primarily due to an increase in the average dayrate and an increasing number of operating days for the company's ultra-deepwater fleet. All in all, the company truly showed its potential this quarter.
Before I begin my analysis, here are the highlights from the company's first quarter report:
- Ensco brought