HOUSTON (AP) _ Diamond Offshore Drilling Inc. (DO) on Monday reported a loss of $74.8 million in its fourth quarter.
The Houston-based company said it had a loss of 54 cents per share. Losses, adjusted for non-recurring costs, came to 45 cents per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 66 cents per share.
The offshore oil and gas drilling contractor posted revenue of $276.4 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $249.1 million.
For the year, the company reported that its loss widened to $357.2 million, or $2.60 per share. Revenue was reported as $980.6 million.
The company's shares closed at $4.39. A year ago, they were trading at $9.97.