Shares of Borr Drilling Ltd (NYSE: BORR) plummeted in after-hours trading on Monday, November 6th, following the company's disappointing third-quarter results and lowered full-year guidance.
The offshore drilling contractor reported Q3 2024 earnings of $0.04 per share, missing analysts' consensus estimate of $0.09 by a wide margin. Additionally, Borr Drilling's total revenue of $241.6 million fell short of the $246.1 million expected by Wall Street.
The company's CEO, Patrick Schorn, acknowledged the solid operational performance during the quarter but cited one-time factors that weighed on financial results compared to the previous quarter. These included the change in operating structure for contracts in Mexico and the suspension of the "Arabia I" rig.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.