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Nabors profit drops as overseas business dips
SAN FRANCISCO (MarketWatch) -- Nabors Industries Ltd. on Monday reported first-quarter net income of $230.5 million, or 81 cents a share, down from $262.2 million, or 92 cents a share, a year earlier. Net income from continuing operations before taxes came in at $287.1 million, down from $341.8 million a year ago. Revenue at the oil drilling company rose to $1.32 billion from $1.28 billion. Analysts polled by FactSet Research were looking for a profit, on average, of 77 cents a share, with revenue of $1.29 billion. The company said its international business fell from the fourth-quarter due primarily to downtime on rigs operating in Mexico. (Updates to add income figure net of taxes).Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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