Nabors Industries’ EPS Miss; Revenues Beat Estimates (NBR)

Nabors Industries Ltd. NBR reports Q2 earnings of $0.15 versus estimates of $0.18. Nabors Industries Ltd. reports Q2 revenues of $905.1 million versus estimates of $875.92 million. Revenues rose 4.3% year over year. Gene Isenberg, Nabors' Chairman and CEO, commented, "I believe the second quarter marks the start of a steady upward progression in our business. Operating income was slightly lower than the first quarter as improving rig activity in our International and US Land Drilling units along with strong third-party sales in Canrig essentially offset seasonal downturns in Canada and Alaska and $2 million in lost income in our US Offshore business due to the suspended operations in the Gulf of Mexico.” Shares of NBR are trading lower in the after-hours. Nabors Industries Ltd. is a drilling contractor that conducts oil, gas and geothermal land drilling operations in the United States Lower 48 states, Alaska, Canada, South America, Mexico, the Caribbean, the Middle East, the Far East, Russia and Africa. As of December 31, 2009, the company marketed approximately 542 land drilling rigs.