Ensco edges higher as Q1 earnings beat estimates but expenses rise

|About: Ensco PLC (ESV)|By:, SA News Editor

Ensco (ESV +0.8%) is higher after Q1 earnings came in ahead of expectations while a hike in expenses and lower utilization sent net profit down.

Revenues rose 3% Y/Y to $1.19B ith the average dayrate rising 14% to an average of $239K and more than offsetting the decline in utilization, which was caused by some units coming off contract and an increase in planned upgrades and surveys.

Total costs hit $802.5M vs. $747.6M in the year-ago quarter, with depreciation rising due to an enlarged fleet and contract drilling expenses up to $604M from $560M.