Nabors Q1 net income $49M ($4.11/diluted), revenue $779M; Q2 Lower 48 rig count guided to 85

NABORS INDUSTRIES LTD

2023-Q1 EPS reported $4.11 revenue$779,139,000

Q1 revenue $779M (+2.5% QoQ), net income $49M ($4.11 diluted) vs Q4 loss of $69M.
Adjusted EBITDA $240M vs $230M Q4; U.S. Drilling segment EBITDA $156.5M (+9%).
Lower 48 daily gross margin record $16,690 (+14% QoQ); Q2 guidance expects margin $16,900-$17,000 but rig count down to 85 from 93.
Issued $250M convertible notes due 2029 to redeem 9% senior notes due 2025, extending maturity and reducing annual debt cost by >$15M.
Full-year 2023 adjusted free cash flow target unchanged at $400M; Q1 adjusted FCF $37M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NABORS INDUSTRIES LTD reported first quarter 2023 results: revenue $779 million, net income $49 million, EPS $4.11 per diluted share. Guidance reaffirmed.

Period: first quarter 2023
Revenue: $779 million
Net income: $49 million
EPS: $4.11 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Nabors Industries Ltd. (“Nabors” or the “Company”) (NYSE: NBR) today reported first quarter 2023 operating revenues of $779 million, an increase of 2.5%, compared to operating revenues of $760 million in the fourth quarter of 2022. The net income attributable to Nabors shareholders for the quarter was $49 million, or $4.11 per diluted share.

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Source: SEC EDGAR

accession 0001104659-23-049162

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