Another Good Quarter for Transocean, but Outlook Remains Weak
Transocean again surprised in its third-quarter earnings release, with an adjusted EPS of $0.25 beating the consensus of $0.14. Across-the-board cost-cutting has helped profitability. The company now expects that 2017 selling, general, and administrative expenses will be about 10% lower than they were in 2016, which itself was about 15% lower than 2015.Unfortunately, Transocean will have more work to do soon in rightsizing its cost base, as top-line deterioration is on the horizon. Investors sh...
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