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Nabors Industries Ltd. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 4, 2012 04:32PM

Nabors Industries Ltd. (NBR) filed Quarterly Report for the period ended 2012-03-31. Nabors Ind has a market cap of $4.8 billion; its shares were traded at around $15.51 with a P/E ratio of 9.9 and P/S ratio of 0.8. Nabors Ind had an annual average earning growth of 7.6% over the past 10 years.



Highlight of Business Operations:

Investments in operating entities where we have the ability to exert significant influence, but where we do not control operating and financial policies, are accounted for using the equity method. Our share of the net income (loss) of these entities is recorded as earnings (losses) from unconsolidated affiliates in our consolidated statements of income (loss), and our investment in these entities is included as a single amount in our consolidated balance sheets. Investments in unconsolidated affiliates accounted for using the equity method totaled $303.1 million and $371.0 million as of March 31, 2012 and December 31, 2011, respectively. At each of March 31, 2012 and December 31, 2011, assets held for sale included investments in unconsolidated affiliates accounted for using the equity method totaling $13.7 million. See Note 3 — Discontinued Operations for additional information.

Our aircraft logistics operations in Canada recognized $4.9 million and $4.6 million in operating revenues, which resulted in losses of $1.0 million and $1.5 million, net of tax benefits of $.3 million and $.5 million, during the three months ended March 31, 2012 and 2011, respectively. The assets are included in our Other Rig Services Operating segment.

Operating revenues and Earnings (losses) from unconsolidated affiliates for the three months ended March 31, 2012 totaled $1.8 billion, representing an increase of $431.9 million, or 31% as compared to the three months ended March 31, 2011. Adjusted income derived from operating activities and net income (loss) from continuing operations for the three months ended March 31, 2012 totaled $321.2 million and $142.6 million ($.49 per diluted share), respectively, representing increases of 55% and 51%, respectively, compared to the three months ended March 31, 2011.

Our aircraft logistics operations in Canada recognized $4.9 million and $4.6 million in operating revenues, which resulted in losses of $1.0 million and $1.5 million, net of tax benefits of $.3 million and $.5 million, during the three months ended March 31, 2012 and 2011, respectively. The assets are included in our Other Rig Services Operating segment.

Operating Activities. Net cash provided by operating activities totaled $244.2 million during the three months ended March 31, 2012 compared to net cash provided by operating activities of $290.9 million during the prior year corresponding 2011 quarter. Net cash provided by operating activities (“operating cash flows”) is our primary source of capital and liquidity. Factors affecting changes in operating cash flows are largely the same as those that affect net earnings, with the exception of non-cash expenses such as depreciation and amortization, depletion, impairments, share-based compensation, deferred income taxes and our proportionate share of earnings or losses from unconsolidated affiliates. Net income (loss) adjusted for non-cash components was approximately $479.5 million and $345.5 million for the three months ended March 31, 2012 and 2011, respectively. Additionally, changes in working capital items such as collection of receivables can be a significant factor in the determination of operating cash flows. Changes in working capital items used $235.4 million and $54.5 million, respectively, in cash flows for the three months ended March 31, 2012 and 2011.

Read the The complete Report



Stocks Discussed: NBR,
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