Transocean (RIG) has reported fourth-quarter earnings, and I wanted to give you an update.
For the quarter, the company reported net income of $2.05 a share on revenue of $1.19 billion. Excluding certain one- time gains for the sale of two rigs and a favorable tax benefit, net income was $1.25 per share, ahead of the analyst estimate of $1.19.
The conference call begins at 10 a.m. EST, so I should have more information then, but on the surface these numbers look great. The stock is trading higher by over a dollar in the premarket, and with a snow storm sweeping across the Northeast, I would expect a very positive day for all oil- and gas-related shares.
Regards,
James J. Cramer
DISCLOSURE: At the time of publication, Cramer was long RIG.
Send email to james.cramer@thestreet.com.