Diamond Offshore Drilling, Inc. (DO) reported first-quarter net income of $176 million or $1.27 per share, compared to $185 million or $1.33 per share a year earlier. Revenues decreased to $730 million, from $769 million prior-year. Results for the prior-year quarter included the sale of the jack-up rig Ocean Columbia, which yielded an after-tax gain of approximately $16 million, or $0.12 per share. The company said its first-quarter results reflect ongoing success at containing operating expenses.
On average, 34 analysts polled by Thomson Reuters expected the company to report profit of $1.16 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $713.09 million for the quarter.
Diamond Offshore Drilling also announced that it has declared a special quarterly cash dividend of $0.75 per share of common stock and a regular quarterly cash dividend of $0.125 per share of common stock. Both dividends are payable on June 3, 2013 to shareholders of record on May 7, 2013. The Board reiterated its stated policy of considering paying special cash dividends, in amounts to be determined, on a quarterly basis.
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