Nabors Industries Ltd. (NYSE: NBR) has released its preliminary operating results for the second quarter ended June 30, 2024, showing significant developments compared to the previous period.
The company's operating revenue for the quarter is estimated to be approximately $735 million. In terms of income before income taxes, Nabors expects a range of between ($5) million and $5 million. The adjusted EBITDA for the quarter is projected to be approximately $218 million, with adjusted free cash flow expected to range between $55 million and $60 million.
During the same period, Nabors had an average of 68.7 rigs operating in the lower 48 at an average gross margin of $15,598 per rig day. Internationally, the company averaged 84.4 rigs operating at an average gross margin of $16,050 per rig day.
The company's full second-quarter financial results are set to be released after the market closes on July 23, 2024, followed by an earnings conference call on July 24, 2024, at 10:00 a.m. CT.
Nabors Industries is finalizing its financial results for the three and six months ended June 30, 2024. The preliminary operating results provided are based on estimates and are subject to completion of financial and operating closing procedures. It's important to note that these preliminary results do not represent a comprehensive statement of financial results or operating metrics for the period, and actual results may differ following the completion of Nabors' financial and operating closing procedures.
Nabors has provided a range for certain preliminary results due to the ongoing financial closing procedures, indicating the possibility of variance from these estimates in the final results. The company expects its financial results to fall within the ranges described, although there is a possibility that the final results may not align with the current estimates.
Nabors Industries, a leading provider of advanced technology for the energy industry, operates in more than 20 countries and has established a global network of people, technology, and equipment to deliver safe, efficient, and responsible energy production.
As the company continues to finalize its financial results, investors and stakeholders eagerly anticipate the comprehensive second-quarter financial report and the subsequent earnings conference call to gain deeper insights into Nabors Industries' performance. Following these announcements, the company's shares moved 4.0%, and are now trading at a price of $88.84. If you want to know more, read the company's complete 8-K report here.
