On October 31, 2023, Noble Corp PLC (NE, Financial) released its third-quarter 2023 results, showing a substantial increase in net income and a rise in the quarterly dividend. The company's performance demonstrates strong operational and financial growth, with significant improvements in revenue and net income compared to the same period last year.
Financial Highlights
Noble Corp PLC (NE, Financial) reported a net income of $158 million for Q3 2023, a significant increase from $34 million in Q3 2022. The company's total revenue for the quarter was $697 million, more than double the $306 million reported in the same period last year. The company's contract drilling services revenue also saw a substantial increase, from $289 million in Q3 2022 to $671 million in Q3 2023.
Robert W. Eifler, President and Chief Executive Officer of Noble Corporation plc, stated,
Our third quarter results reflect continued strong operational and financial performance and demonstrate the power of the Noble – Maersk Drilling combination where synergy progress and integration are ahead of schedule."
Dividend Increase and Balance Sheet
The company's Board of Directors approved an increase in the quarterly interim dividend to $0.40 per share in the fourth quarter of 2023. As of September 30, 2023, the company's balance sheet reflected a total debt principal value of $600 million and cash (and cash equivalents) of $245 million.
Outlook
For the full year 2023, Noble Corp PLC (NE, Financial) is increasing its guidance for total revenue to a range of $2.5 to $2.6 billion and Adjusted EBITDA to a range of $775 to $825 million. The company's outlook remains optimistic, with strong year-to-date operational and financial performance enabling an increase in full-year guidance and the quarterly dividend.
Summary
Noble Corp PLC (NE, Financial)'s Q3 2023 results show a strong financial performance with a significant increase in net income and total revenue compared to the same period last year. The company's outlook for the full year 2023 remains positive, with an increase in guidance for total revenue and Adjusted EBITDA. The company's strong performance has also led to an increase in the quarterly dividend.
Explore the complete 8-K earnings release (here) from Noble Corp PLC for further details.
