Diamond Profits Beat Expectations

22 October 2009 (Last Updated October 22nd, 2009 18:30)

Drilling contractor Diamond Offshore Drilling has posted a rise in quarterly profits boosted by gains from its deepwater rigs, beating analyst expectations. Third-quarter net profit was $361.4m, or $2.62 per share, up from $310.5m, or $2.23 per share, a year earlier. Revenue ros

Drilling contractor Diamond Offshore Drilling has posted a rise in quarterly profits boosted by gains from its deepwater rigs, beating analyst expectations.

Third-quarter net profit was $361.4m, or $2.62 per share, up from $310.5m, or $2.23 per share, a year earlier.

Revenue rose 1% to $908.4m.

On average analysts had forecast earnings of $2.30 per share on revenue of $874.2m, according to Thomson Reuters.

The company also announced a special cash dividend of $1.875 per share.

Shares of Diamond Offshore are up 80% this year, according to Reuters.