Nabors 3Q2009 EPS Equals $0.18 Ex-Items with Normalized Tax Rate

HAMILTON, Bermuda, Oct. 20 /PRNewswire-FirstCall/ -- Nabors Industries Ltd. (NYSE: NBR) today announced its results for the third quarter and nine months ended September 30, 2009. Adjusted income derived from operating activities was $112.8 million for the third quarter compared to $364.5 million in the third quarter of 2008 and $143.9 million (excluding non-cash items) in the second quarter of this year. Due to the distortion caused by the level of non-cash charges incurred earlier this year, the majority of which is attributable to the ceiling test and other impairments in our oil and gas operations, the below numbers are presented excluding those non-cash charges and applying the current estimated full year tax rate while backing out the tax effects of the non-cash charges. On that basis, net income was $42.5 million... [read full story]                    

powered by