Nabors Posts Earnings Beat

Third-quarter earnings beat Street estimates by 3 cents a share.
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Nabors Industries

(NBR) - Get Report

after the market close Tuesday posted third-quarter financial results that beat analyst estimates.

The Bermuda-based drilling company posted net income of $292.8 million, or $1.02 a share, up from the $178.9 million, or 55 cents a share, it posted a year ago.

Third-quarter revenue was $1.29 billion, up from $920.5 million in the prior-year period.

Analysts were expecting earnings of 99 cents a share on $1.24 billion in revenue, according to Thomson First Call estimates.

"All of our major rig businesses showed significant improvement compared to the prior year and, with the exception of our US Offshore unit, the sequential quarter," CEO Gene Isenber said.

Shares were up 16 cents, or 0.5%, at $31.51 in recent after-hours trading.