Nabors Warns Quarterly Profit Will Miss Expectations

Nabors Industries said it expects third-quarter results to be lower than current analysts' consensus estimates, mainly due to lower-than-expected rig activity across most of its North American rig operations.

The land-based, oil and gas driller expects earnings of 73 cents to 76 cents a share for the quarter, including a gain from the sale of certain oil and gas properties and its Sea Mar entity.

Analysts on average expect the Hamilton, Bermuda-based company to earn 81 cents a share, before items, according to Reuters Estimates.