Nabors Shares Down After Q4 Loss, Revenue Miss

Nabors Industries Ltd. said late Monday it lost $891 million in the fourth quarter, or $3.08 a share, compared with earnings of 50 cents a share a year ago. Adjusted for one-time items, the oil-field services company earned 33 cents a share in the quarter. Revenue hit $1.78 billion in the quarter, Nabors said. Analysts polled by FactSet had expected adjusted earnings of 39 cents a share on sales of $1.81 billion in the quarter. Nabors is taking "numerous actions" to lower costs, including significantly scaling back the pace of its U.S. rig construction, it said. The company "will make further adjustments based on the outcome of ongoing discussions regarding additional rig awards," Nabors said.