Noble Corporation plc Reports Strong Q3 2024 Results
Closed Diamond Acquisition Leads to Increased Share Repurchase Program
SUGAR LAND, Texas , Nov. 5, 2024 /PRNewswire/ — Noble Corporation plc (NYSE: NE, CSE: NOBLE, “Noble” or the “Company”) today reported third quarter 2024 results.
The highlight of the quarter was the acquisition of Diamond Offshore Drilling, Inc. which contributed to an increased capital return program. The company announced an additional $400 million share repurchase authorization, further demonstrating its commitment to returning value to shareholders. In Q3 2024, Noble repurchased 6.9 million shares, and declared a $0.50 per share dividend for Q4 2024, bringing the total cash returns to shareholders for FY 2024 to over $525 million.
Strong Financial Performance in Q3 2024
During the quarter, Noble reported a net income of $61 million, with diluted earnings per share of $0.40. Adjusted EBITDA was $291 million, net cash provided by operating activities reached $284 million, and free cash flow was $165 million. These results reflect the company’s continued focus on operational efficiency and cost management.
Q4 2024 Financial Guidance
Looking ahead, Noble provided guidance for Q4 2024 with total revenue expected to be in the range of $850 to $890 million, and adjusted EBITDA forecasted to be between $275 to $305 million. Capital additions (net of reimbursements) are projected to be in the range of $105 to $135 million, as the company continues to invest in its fleet and technologies.
How This Will Affect You
As a shareholder of Noble Corporation plc, the increased share repurchase program and strong financial performance in Q3 2024 will likely have a positive impact on your investment. The company’s commitment to returning value to shareholders through dividends and share buybacks demonstrates its confidence in its future prospects.
How This Will Affect the World
From a broader perspective, Noble Corporation plc’s robust financial performance and strategic initiatives contribute to the stability and growth of the oil and gas sector. As a key player in the industry, Noble’s success signals confidence in the market and sets a positive example for other companies in the sector.
Conclusion
Noble Corporation plc’s strong Q3 2024 results, highlighted by the closed Diamond acquisition and increased capital return program, demonstrate the company’s resilience and commitment to value creation. As the company continues to focus on operational efficiency and shareholder returns, it sets a positive example for the industry and contributes to the overall stability of the oil and gas sector.
