Noble Q1 revenue and profit top expectations on higher fleet utilization, lower costs

Noble

27/04/2026 05:42

Overview

Offshore drilling contractor's Q1 revenue rose and beat analyst expectations

Adjusted EPS for Q1 beat analyst expectations

Company maintained 2026 revenue and adjusted EBITDA guidance, raised capital expenditures outlook

Outlook

Noble maintains 2026 revenue guidance at $2.8-$3.0 bln

Company keeps 2026 adjusted EBITDA guidance at $940-$1,020 mln

Noble raises 2026 capital expenditures guidance to $615-$665 mln from $590-$640 mln

Result Drivers

FLEET UTILIZATION - Sequential revenue increase driven primarily by improved utilization of marketed rigs

NEW CONTRACTS - Recent contract awards and extensions added approximately $565 mln in new contract value and increased backlog

OPERATING COSTS - Contract drilling services costs declined to $450 mln from $471 mln in the prior quarter, supporting profitability

Company press release: ID:nPn4hkf9Ta

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$786 mln
$732.66 mln (9 Analysts)
Q1 Adjusted EPS
Beat
$0.26
$0.25 (7 Analysts)
Q1 EPS
$0.75
Q1 Adjusted Net Income
Beat
$41 mln
$33.24 mln (3 Analysts)
Q1 Net Income
$121 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 11 "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 $47.50, about 4.1% below its April 24 closing price of $49.54

The stock recently traded at 33 times the next 12-month earnings vs. a P/E of 27 three months ago

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.)