Noble Plc Shares Fall Following Third Quarter Earnings Miss and Lowered EBITDA Guidance
Noble Plc (NE) saw its stock price drop by more than 5% on Tuesday following the release of third-quarter financial results. The offshore drilling company reported a significant shift from profit to a net loss, posting an adjusted non-GAAP loss of $91.5 million ($0.57 per share), missing analyst expectations of a $0.24 per share profit. Revenue for the quarter fell 9% year-over-year to $729 million. The company attributed the quarterly performance to several drilling rigs transitioning between contracts, though it noted the successful resumption of operations for two rigs in Brazil. Investor sentiment was further dampened by a downward revision in full-year 2026 EBITDA guidance, which is now projected at $850 million to $900 million, down from a previous high end of $925 million. Despite the immediate earnings miss, Noble's backlog grew by $560 million to reach $6.7 billion, with $2.6 billion expected to convert in the coming year. This suggests potential long-term stability despite current cyclical volatility and transitional rig movements.
Tickers: $NE
Topics: earnings miss guidance downgrade oil and gas drilling revenue decline