Ensco edges higher as Q1 earnings beat estimates but expenses rise

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.

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Comments (2)
  • arthur_bishop1972
    , contributor
    Comments (4517) | Send Message
    It's still a good buy at $51-52 and a 5.8% dividend.
    29 Apr 2014, 01:24 PM Reply Like
  • Debutant
    , contributor
    Comments (2992) | Send Message
    Positive, confident outlook and guidance today from the management.
    29 Apr 2014, 06:15 PM Reply Like
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