Diamond Offshore Drilling Sees Drop in Profits; Declares Special Dividend (DO)

Diamond Offshore Drilling Sees Drop in Profits; Declares Special Dividend (DO)

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Offshore oil and gas drilling contractor, Diamond Offshore Drilling, Inc. (DO) reported a decline in earnings for its fourth quarter but declared a special dividend to be paid in March.

The Houston, TX based company posted fourth quarter earnings of $155.66 million, or $1.22 per share, down -17% from $188.49 million, or $1.36 per share last year. Analysts expected to see EPS of $1.10.

Revenue rose to $750.54 million, from $748.36 million last year, beating analysts estimate of $740 million.

For the full year 2012, the company reported earnings of $720.45 million, or $5.18 per share, down -25% from $962.54, or $6.92 per share last year. Revenue came in at $2.99 billion for the year, down from $3.32 billion in 2011.

The company also declared on Tuesday that they will be paying a special dividend of 75 cents per share. This dividend will be payable on March 1 with an ex-dividend date of Feb. 14.

Diamond Offshore Drilling shares were mostly flat during Tuesday morning trading. The stock has increased 21% in the past year.

The Bottom Line
Shares of DO currently offer a 0.65% yield, based on Monday’s closing price of $76.48 and the company’s annualized dividend payout of 50 cents per share.

Diamond Offshore Drilling, Inc. (DO) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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