Bermuda's Nabors Q1 revenue beats estimates, loss narrows

Nabors Industries

28/04/2026 21:30

Overview

Bermuda-based drilling contractor's Q1 revenue rose, beating analyst expectations

Adjusted EPS for Q1 was negative but beat analyst expectations

Company cited improved rig count and utilization in Lower 48 and international expansion

Outlook

Nabors expects Lower 48 average rig count of 67-68 and daily gross margin of about $13,300

Company sees international average rig count of 93-95 and daily gross margin of $17,400-$17,500

Nabors expects Q2 capital expenditures of $180-$190 mln, including $75-$80 mln for Saudi Arabia newbuilds

Result Drivers

LOWER 48 ACTIVITY - Co said results reflected continued improvement in Lower 48 activity, with increased rig count and fleet utilization driven by strong customer demand

INTERNATIONAL EXPANSION - Co expanded activity in key international markets, including new rig deployments in Saudi Arabia and Latin America

INCREASED COSTS - Co reported higher costs in the Middle East related to staffing and logistics, as well as higher operating expenses and activity interruptions in certain markets

Company press release: ID:nPn9L7YkKa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Operating Revenue
Beat
$783.50 mln
$775.10 mln (6 Analysts)
Q1 Adjusted EPS
Beat
-$1.54
-$2.53 (6 Analysts)
Q1 Net Income
$4.26 mln
Q1 Adjusted EBITDA
$204.80 mln
Q1 Adjusted Operating Income
$48.60 mln
Q1 Pretax Profit
$21.15 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 4 "hold" and 2 "sell" or "strong sell"

The average consensus recommendation for the oil & gas drilling peer group is "buy."

Wall Street's median 12-month price target for Nabors Industries Ltd is $85.00, about 6.3% below its April 27 closing price of $90.70

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)