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Investing.com -- Noble Corporation plc (NYSE:NE) reported first quarter earnings that missed analyst expectations, but revenue that exceeded estimates, sending shares up 8.6% in after-hours trading.
The offshore drilling contractor posted adjusted earnings per share of $0.26 for Q1 2025, falling short of the $0.36 consensus estimate. However, revenue came in at $874 million, beating analyst projections of $860.57 million and rising 37.2% YoY from $637 million in Q1 2024.
Noble maintained its full-year 2025 revenue guidance of $3.25-3.45 billion, above the $3.322 billion analyst consensus. The company also reported approximately 15 rig years of new contract awards, representing $2.2 to $2.7 billion in potential revenue.
"Our strong first quarter financial results and recent contract awards have demonstrated the effectiveness of our First Choice OffshoreSM strategy amid prevalent macroeconomic volatility," said Robert W. Eifler, President and CEO of Noble.
The company’s backlog increased to $7.5 billion as of April 28, 2025. Noble’s marketed fleet of 25 floaters was 80% contracted during Q1, up from 74% in the previous quarter.
Noble maintained its quarterly cash dividend of $0.50 per share for Q2 2025, payable on June 18 to shareholders of record as of June 5. The company repurchased approximately 737,000 shares for $20 million in Q1.
Net income for the quarter rose to $108 million, up from $97 million in Q4 2024. Adjusted EBITDA increased to $338 million from $319 million in the prior quarter.
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