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February 19, 2013
16:09 EDTNBRNabors Industries reports Q4 EPS with gains 44c, consensus 29c
Reports Q4 revenue $1.63B, consensus $1.66B. Q4 income per share of 44c benefited from net gains on asset dispositions, higher investment income and a favorable tax rate. Results also included an operating income charge of $17.7M due to the establishment of reserves with respect to a customer bankruptcy and lower expected margins on a construction project in U.S. Offshore operations, essentially offset by $16.3M in early contract termination payments during the quarter that are attributable to future periods. Net gains on asset dispositions were $17.2M, or 4c per share. The higher than usual investment income reflected non-cash mark-to-market increases in certain securities, principally a portion of the company's interest in Honghua Group, a Chinese rig manufacturer. The quarter's results also reflect a tax adjustment to bring the full year normalized tax rate to 25%, resulting in a Q4 effective tax rate of 3%, for an EPS impact of approximately 10c per diluted share.
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