Noble Q2 adjusted net income misses estimates; guidance cut on Brazil rig suspensions

Noble

27/07/2026 21:16

Overview
Adjusted EPS and adjusted net income for Q2 missed analyst expectations
US offshore drilling contractor's Q2 revenue beat analyst expectations
Quarterly results impacted by Brazil rig suspensions; full-year revenue and EBITDA guidance cut

Outlook
Noble lowers 2026 revenue guidance to $2.8-$2.9 bln from $2.8-$3.0 bln
Company cuts 2026 adjusted EBITDA guidance to $850-$925 mln from $940-$1,020 mln
Noble expects 2027 and beyond market outlook to be promising for deepwater and harsh environment rigs

Result Drivers
BRAZIL RIG SUSPENSIONS - Co said Q2 was adversely impacted by $43 mln due to operational suspension of two rigs in Brazil
CONTRACT CONCLUSION - Sequential revenue decrease driven by conclusion of Noble Globetrotter Is contract in the Black Sea
LOWER FLEET UTILIZATION - Utilization of marketed rigs fell to 64% in Q2 from 68% in prior qtr

Company press release: ID:nPn1Y69XXa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Beat
$720 mln
$695.79 mln (7 Analysts)
Q2 Adjusted EPS
Miss
$0.01
$0.18 (7 Analysts)
Q2 Loss Per Share
 
$0.23
 
Q2 Adjusted Net Income
Miss
$2 mln
$27.02 mln (3 Analysts)
Q2 Net Loss
 
$37 mln
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 9 "hold" and no "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 Noble Corporation PLC is $50.00, about 15.6% above its July 24 closing price of $43.26
The stock recently traded at 24 times the next 12-month earnings vs. a P/E of 34 three months ago

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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.)