Nabors Industries Profit Plunges - Quick Facts

(RTTNews) - Nabors Industries Ltd (NBR), a provider of drilling and rig services, Tuesday reported first-quarter net earnings of $49.9 million or $0.16 per share, compared with $99 million or $0.33 per share last year.

Excluding items, adjusted earnings for the quarter were $47.7 million, compared with $91 million a year ago.

Revenues for the quarter were lower at $1.59 billion, compared with $1.62 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.15 per share on revenues of $1.55 billion for the quarter. Analysts' estimates typically exclude special items.

Total costs and deductions for the quarter climbed to $1.52 billion from $1.51 billion last year.

CEO Tony Petrello said, "As expected, weather-induced interruptions in our Completion Services segment overshadowed what was otherwise relatively good performance by our various drilling operations. Seasonal increases in Canada and Alaska , along with higher third-party sales in Canrig, partially offset the sharp reduction in Completion results.