Ensco Q1 Profit Falls - Quick Facts

(RTTNews) - Offshore drilling contractor Ensco plc (ESV) reported that its first-quarter net income attributable to company declined to $292.5 million or $1.25 per share from $317.1 million or $1.36 per share last year.

Adjusted for $13 million, $0.06 per share, of certain discrete tax items, first quarter earnings per share were $1.31.

On average, 31 analysts polled by Thomson Reuters expected the company to report profit per share of $1.21 for the quarter. Analysts' estimates typically exclude special items.

Operating revenues grew 3% to $1.19 billion from $1.15 billion a year ago, due to an increase in the average day rate that more than offset a decline in reported utilization. Analysts expected revenue of $1.18 billion for the quarter.

EVP and Chief Financial Officer Jay Swent said, "Despite recent floater market day rate declines, we are committed to our $3.00 per share annualized dividend and we maintain our positive long-term market outlook given industry fundamentals, including favorable commodity prices."