Offshore drilling contractor Borr Drilling (NYSE: BORR) will be announcing earnings results this Wednesday after market hours. Here’s what investors should know.
Borr Drilling beat analysts’ revenue expectations last quarter, reporting revenues of $259.4 million, down 1.4% year on year. It was an incredible quarter for the company, with a beat of analysts’ EPS estimates.
Is Borr Drilling a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Borr Drilling’s revenue to grow 16.5% year on year, a reversal from the 7.4% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Borr Drilling has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Borr Drilling’s peers in the oilfield services segment, some have already reported their Q1 results, giving us a hint as to what we can expect. World Kinect delivered year-on-year revenue growth of 2.5%, beating analysts’ expectations by 10.4%, and Select Water Solutions reported a revenue decline of 2.3%, topping estimates by 6.8%. World Kinect traded up 10.9% following the results while Select Water Solutions was also up 1.2%.
Read our full analysis of World Kinect’s results here and Select Water Solutions’s results here.
There has been positive sentiment among investors in the oilfield services segment, with share prices up 9.6% on average over the last month. Borr Drilling is up 21.8% during the same time and is heading into earnings with an average analyst price target of $5.51 (compared to the current share price of $6.71).
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