North Atlantic Q3 Profit Rises, Suspends Regular Cash Dividends

(RTTNews) - North Atlantic Drilling Ltd. (NADL) Wednesday said its third-quarter profit increased with higher revenues, helped by revenue contribution from Russia and Norway. Further, its board decided to suspend the regular quarterly cash dividends, as it believed to be the responsible course of action.

Net income attributable to shareholders grew to $70.4 million from $68.9 million last year. Earnings per share declined to $0.29 from $0.30 a year earlier, with a rise in weighted average number of shares outstanding.

On average, ten analysts polled by Thomson-Reuters estimated earnings to be $0.32. Analysts' estimates typically exclude one-time items.

Revenues increased to $356.2 million from $321.2 million in the previous year. Analysts projected revenues to be $337.37 million.