Diamond Offshore Drilling Q2 Profit Down - Quick Facts

(RTTNews) - Diamond Offshore Drilling, Inc. (DO) reported net income for the second quarter of 2013 of $185.33 million, or $1.33 per share, down from $201.46 million, or $1.45 per share, in the same period a year earlier. Results for the prior-year second quarter included an after-tax gain of approximately $50.5 million, or $0.36 per share, related to the sale of five jack-up rigs.

Revenues in the second quarter of 2013 were $758.02 million, compared with revenues of $738.19 million in the prior-year quarter

Analysts polled by Thomson Reuters expected the company to report earnings of $1.24 per share and revenues of $767.42 million for the quarter. Analysts' estimates typically exclude special items.

"Our solid operating results for the quarter reflect our ongoing focus on cost and downtime management," said Larry Dickerson, President and Chief Executive Officer of Diamond Offshore.

The company also announced that it has declared a special quarterly cash dividend of $0.75 per share of common stock and a regular quarterly cash dividend of $0.125 per share of common stock. Both dividends are payable on September 3, 2013 to shareholders of record on August 6, 2013.