Pride International Q3 Profit Plunges

10/29/2009 5:34 PM ET

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(RTTNews) - Offshore contract drilling services provider Pride International, Inc. (PDE: News ) Thursday, reported that its third quarter net income declined sharply from the previous year quarter as revenues declined significantly impacted by out-of-service time of many rigs.
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The company recorded net income of $35.6 million or $0.20 per share, compared to $189.1 million or $1.08 per share last year. Results for the quarter included severance costs totaling $6.9 million or $0.03 per share associated with certain organizational changes.

Earnings from continuing operations were $79.9 million or $0.45 per share, compared to $144.2 million or $0.82 per share in the same quarter last year.

On average, 27 analysts polled by Thomson Reuters expected the company to record earnings of $0.43 per share. Analysts' estimates typically exclude special items.

Revenues declined to $386.1 million from $463.3 million in the prior-year quarter. Analysts estimated revenues of $400.39 million.

For the nine months, income from continuing operations was $363.5 million or $2.06 per share, while net income totaled $318.6 million or $1.80 per share, including a loss from discontinued operations of $44.9 million or $0.26 per share.

For the comparable nine months of 2008, income from continuing operations was $336.3 million or $1.89 per share. Net income during the same nine months of 2008 was $616.4 million or $3.47 per share, including income from discontinued operations of $280.1 million or $1.58 per share.

Revenues for the nine months totaled $1.28 billion compared to $1,21 billion during the corresponding nine months a year back.

Pride International, based in Houston, Texas, which operates a fleet of 23 rigs, noted that the contract backlog currently exceeds $7 billion, representing 125% of the company's enterprise value, with strong earnings and cash flow growth expected to begin in 2011.

PDE is currently being traded at $31.35 up $0.93 or 2.96% on a volume of 3.446 million shares on the NYSE.