Offshore drilling contractor Borr Drilling (NYSE:BORR) will be reporting results this Tuesday after the bell. Here’s what to expect.
Borr Drilling missed analysts’ revenue expectations last quarter, reporting revenues of $247 million, up 14% year on year. It was a disappointing quarter for the company, with a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ EPS estimates.
Is Borr Drilling a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Borr Drilling’s revenue to decline 7.5% year on year, a further deceleration from the 1.5% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Borr Drilling has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Borr Drilling’s peers in the oilfield services segment, some have already reported their Q2 results, giving us a hint as to what we can expect. World Kinect delivered year-on-year revenue growth of 50.3%, beating analysts’ expectations by 27.7%, and Select Water Solutions reported revenues up 8.7%, topping estimates by 5.7%. World Kinect traded up 5.2% following the results while Select Water Solutions was also up 21.5%.
Read our full analysis of World Kinect’s results here and Select Water Solutions’s results here.
Investors in the oilfield services segment have had steady hands going into earnings, with share prices flat over the last month. Borr Drilling is down 13% during the same time and is heading into earnings with an average analyst price target of $5.01 (compared to the current share price of $3.89).
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