Revenue down, but EBITDA up
Ensco (ESV) released its 1Q16 earnings on April 27, 2016. The earnings were followed by a conference call on the following day. The company’s revenue fell by 1.6% in 1Q16 to $814 million from $828 million in the previous quarter.
On the other hand, the company’s 1Q16 EBITDA (earnings before interest, tax, depreciation, and amortization) was recorded at $421 million, 10% higher than the previous quarter when the recorded EBITDA was $382 million.
Actual versus estimates
In 1Q16, Ensco’s revenue was the same as expected by Wall Street analysts. Its EBITDA was higher than analyst expectations. The company’s EBITDA was 4% higher than the estimate of $405 million.
What you’ll find in this series
In this series, we’ll look at Ensco’s (ESV) 1Q16 results and conference call highlights. We’ll analyze the company’s current position, management’s future plans, and discussions between management and the analysts to gauge the company’s future. We’ll also take a detailed look at the management’s outlook on the offshore drilling industry.