Nabors Revises Up Q3 Earnings

(RTTNews) - Nabors Industries Ltd. (NBR) on Monday reported revised third quarter 2014 earnings per share from continuing operations of $0.34, compared to the $0.19 previously reported on October 21.

The company said the revision is due to a change in the non-cash income tax provision for the third quarter. Upon review, it was determined that the previously reported $63.3 million non-cash tax charge related to the restructuring of the company's completion and production entities in preparation for the pending transaction with C&J Energy Services should be reduced by about $45.0 million to $18.3 million.

As a result of the revision, the total income tax provision for the third quarter of 2014 is $61.5 million, compared to the $106.5 million previously reported, and net income for the period is $106.4 million, compared to the $61.4 million previously reported, the company said.