ESV beat earnings by 35% ($0.42 actual per share vs $0.31 est)
But their estimates had been decreased 57% over the last 4 mths osxstocks.com
They are up about 4.5% today so far, which tells me the market has already priced in bad earnings for the next 6 mths and is now looking beyond that.
infoseek.com
ENSCO Announces Third Quarter Earnings
09:39 a.m. Oct 15, 1998 Eastern
DALLAS, Oct. 15 /PRNewswire/ -- ENSCO International Incorporated (NYSE: ESV) reported net income for the three months ended September 30, 1998 of $59.0 million, or $.42 per diluted share, on revenues of $179.8 million, compared to net income of $67.8 million, or $.47 per diluted share, on revenues of $223.3 million in the year earlier quarter. Net income for the third quarter of 1998 included a $10.0 million gain ($6.5 million, or $.05 per diluted share, net of tax) from insurance proceeds on the loss of one of ENSCO's large anchor handling tug supply vessels, the ENSCO Kodiak II. As previously reported, the ENSCO Kodiak II sank in the Gulf of Mexico in early September and was declared a total loss for insurance purposes. The gain from the Kodiak II incident represents the excess of insurance proceeds over the net book value of the vessel. In addition the Company's results for the third quarter of 1998 reflected the favorable outcome of a foreign tax dispute, which contributed $.03 per diluted share to net income. Excluding these non- recurring items from third quarter results, ENSCO's net income for the quarter would have been $48.8 million, or $.35 per diluted share.
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