GO
Loading...

Enter multiple symbols separated by commas

Nabors Industries Sees First-Quarter Profit Lower Than Views

Bermuda-based drilling rig contractor Nabors Industries on Thursday forecast first-quarter earnings below Wall Street expectations due to lower-than-expected rig activity and higher costs.

The company sees quarterly net income in a range of 80 cents to 85 cents a share, compared with the $1.01 consensus estimate of analysts polled by Thomson Financial.

"Our reduced first-quarter outlook is primarily attributable to lower-than-expected rig activity in our U.S. Lower 48 land drilling, Canadian and U.S. well-servicing units, combined with higher costs associated with startup and moving delays in our international and U.S. offshore segments," Chairman and Chief Executive Gene Isenberg said in a statement.

Costs related to a review of the company's options granting practices and other miscellaneous items also weighed on quarterly results, he added.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • CEO discuss the 'Buffett factor'

    John Stumpf, Wells Fargo chairman & CEO; Kenneth Chenault; American Express chairman & CEO; Ginny Rometty, IBM chairman & CEO; and Muhtar Kent, Coca-Cola chairman & CEO, discuss their relationships with Warren Buffett and marvel at just how easy it's been to communicate with him.

  • Rometty on Watson: He never stops learning

    IBM CEO Ginny Rometty talks Watson, and how it's going to help people make decisions. It never stops learning, she says. Rometty also discusses the company's dividend.

  • Why Buffett bought more IBM

    Berkshire CEO Warren Buffett addresses his purchase of more IBM shares and allegations of predatory lending at Clayton Homes.