Vantage Drilling Reports a Slight Miss

Vantage Drilling (VTG) posted quarterly results earlier today. This Alert is a review of the company's numbers, and we're not recommending any trades for the model portfolio.

Vantage Drilling earned $0.05 a share in the second quarter, which was a penny short of the consensus analyst estimate. Revenue grew 29% year over year to $219.7 million but came in just below expectations.

Despite the headline miss, there were few surprises in the period, and management paid down nearly $60 million of debt. On the conference call, the company said that customer pricing and demand remain firm.

Vantage's fleet is fully booked through the end of the year, and we maintain our Two rating on the stock, which is currently changing hands around $1.80.

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