Nabors +2.3% as weather hits Q1 earnings, CEO offers optimistic view


Nabors Industries (NBR +2.3%) marches higher despite reporting Q1 earnings that were cut in half from the previous year, as weather-related interruptions in its completion services segment overshadowed an otherwise solid performance by its drilling operations.

The weather impact was concentrated in completion services operations, which posted a $33.6M loss; the results also were affected by the expiration of a significant long-term contract.

CEO Anthony Petrello said market activity and pricing are strengthening, as higher than expected customer cash flows and moderating rig productivity are translating into incremental rig demand.

Argus lowers its FY 2014 EPS estimate, expecting the next two quarters to be challenging for NBR due to the launch of new rigs by competitors, but the firm sees earnings growing over the longer term and recommends the stock for investors with a time horizon of six months or longer (Briefing.com).

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