WASHINGTON (dpa-AFX) - Diamond Offshore Drilling, Inc. (DO), a provider of contract drilling services to the energy industry, reported second-quarter net income of $90 million or $0.65 per share. This compares with last year's net income of $185 million or $1.33 per share.
The company said net income for the quarter included $0.08 per share received from Niko Resources Ltd. related to a previously announced settlement agreement and a gain of $0.05 per share from the sale of the jack-up rig Ocean Spartan. The company said the quarter also had a negative impact of $0.14 per share related to customer cancellation of the Ocean Vanguard contract.
On average, 30 analysts polled by Thomson Reuters estimated the company's earnings to be $0.56 for the quarter. Analysts' estimates typically exclude one-time items.
For the second quarter, revenues were $692 million, compared with $758 million in the prior-year quarter. Analysts had expected revenues of $684.42 million for the quarter.
In addition, the company declared a special quarterly cash dividend of $0.75 per share and a regular quarterly cash dividend of $0.125 per share. Both dividends are payable on September 2, 2014 to shareholders of record on August 6, 2014.
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