Story
Noble Corp. Stock Falls on Major Earnings Miss, Slashed Revenue Guidance
Summary
Offshore drilling contractor Noble Corp. saw its shares slide after its second-quarter earnings fell far short of expectations and it significantly cut its full-year revenue forecast, citing operational issues in Brazil.
Shares of Noble Corp. (NYSE: NE) fell sharply in after-hours trading on Monday after the offshore drilling contractor announced second-quarter financial results that missed analyst profit estimates and included a significant reduction to its full-year revenue outlook.
The stock was down 6.5% in extended trading following the release.
Earnings and Guidance Disappoint
Noble reported adjusted earnings per share (EPS) of just $0.01 for the second quarter of 2026, falling well below the analyst consensus of approximately $0.19. The company also posted a net loss of $37 million, a reversal from the $43 million in net income reported in the same period a year prior.
While quarterly revenue of $720 million came in slightly ahead of the consensus estimate of $710 million, it represented a year-over-year decline of about 15%. The modest top-line beat was overshadowed by the weak profitability and a lowered forecast. Adjusted EBITDA for the quarter was $212 million, according to the company's report.
Outlook Cut on Brazil Headwinds
AdThe most significant news for investors was the company's downward revision of its full-year 2026 revenue guidance. Noble now expects full-year revenue to be in the range of $2.80 billion to $2.90 billion.
This new forecast is meaningfully below the prior analyst consensus of approximately $2.97 billion. The company attributed the lowered expectations primarily to operational headwinds, citing rig suspensions in Brazil as a key factor impacting its outlook.
Market Context
The negative report landed amid already softening sentiment from Wall Street. Earlier in July, Susquehanna had cut its price target on the stock to $40 from $55, and Zacks had downgraded shares to a "strong sell" days before the announcement.
Noble's poor results and guidance also contrasted with recent positive momentum among other oilfield services companies, making the company-specific operational issues stand out. The broader market was flat during Monday's regular session, providing no support against the after-hours selloff.
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