HAMILTON, Bermuda (AP) - Oil rig contractor Nabors Industries Ltd. net profit that beat Wall Street expectations, was slowed on Tuesday reported fourth quarter even during the drilling in the Gulf of Mexico, of what the company called "Approval authority gridlock."
Nabors generated a profit of $50.5 million, or 17 cents a share, compared to a loss of $47.3 million, or 17 cents a share, in the fourth quarter over the same period last year.
Net income from continuing operations in the quarter was $ 127.7 million or 44 cents per share. Analysts after FactSet had expected net income from continuing operations of 37 cents per share.
Revenues for the quarter was $1.33 billion, compared to $ 727.2 million in the year before. Analysts had expected $1.29 billion in the last quarter.
CEO gene Isenberg, said in the fourth quarter results were also services boosted by the acquisition of superior, even as the Gulf drilling was prevented, by permitting authority delays.
"Our US offshore activities were strong to reduce activity expected down more than the absence of consent." We expect this situation until mid-continue, "said Isenberg in a statement."
The year 2010 net income was 299.9 million from continuing operations $ or $1.03 per diluted share. Revenues amounted to $4.2 billion, compared to 3.56 billion $ in the year before.
The company forecasts a 50 to 60 percent increase in non-GAAP earnings per share in 2011.
Analysts forecast net income from continuing operations of $1.64 accounted for 2011, which would be an increase of 59 percent of the $1.03 per share for the year 2010 released.
Shares of Nabors fell to close result 51 cents, or nearly 2 percent to $25.93 before the report is published. Rose 7 cents to $26 in extended trading.
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