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Earnings report:NADL - North Atlantic Drilling Ltd. reports first quarter 2015 resultsHighlights from the first quarter
First quarter 2015 results Consolidated revenues for the first quarter 2015 were $192.0 million compared to $291.2 million for the fourth quarter of 2014. The primary reason for the decrease is the West Navigator being idle for most of the quarter and downtime in January for one unit. Operating income for the first quarter was $36.9 million, an increase of $440.1 million compared to the fourth quarter operating loss of $403.2 million. The increase is primarily due to a non-cash charge to goodwill of $480.6 million in the fourth quarter. Net financial items for the first quarter of 2015 amounted to a loss of $45.9 million. The loss included $24.6 million in interest expenses and $34.3 million loss related to financial derivatives, partly offset by foreign exchange gains of $14.4 million mainly related to the NOK1,500 million bond loan. The fourth quarter of 2014 incurred a loss of $60.2 million, including interest expenses of $25.8 million and $59.5 million loss related to financial derivatives partly offset by foreign exchange gains of $25.8 million mainly related to the NOK1,500 million bond loan. Income taxes for the first quarter were $2.3 million, compared to $11.3 million in the fourth quarter. Net loss for the first quarter was $11.3 million resulting in a basic loss per share of $0.06. The Company reports operating revenues of $192.0 million, operating income of $36.9 million and a net loss of $11.3 million for the three months ended March 31, 2015. This compares to operating revenues of $273.7 million, operating income of $71.2 million and a net income of $20.2 million for the three months ended March 31, 2014. Questions should be directed to North Atlantic Management AS represented by: Ragnvald Kavli: Chief Financial Officer Management will address highlights from the first quarter 2015 results in a conference call to be held at 11:00 a.m. EDT / 5:00 p.m. CEST on Thursday May 28, 2015. The details for the conference call are available on the Company`s website |
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Msg # | Subject | Author | Recs | Date Posted |
5106 | Re: Earnings report: | TonsbergDescendant | 7 | 5/28/2015 9:24:28 AM |