We've seen some stunning reversals this week, Fools. From Las Vegas Sands
Add Hercules Offshore
Again, there was nothing to get too jazzed about in the report. Revenue came in higher than last year, but profits were pounded to a piddling $0.37 per share. Some of this was attributable to the Gulf hurricanes, so you can keep management's EBIG (earnings before Ike and Gustav) estimate of around $0.45 per share in the back of your mind. That said, if you're going to spin the positive impact of storm damage on future lifeboat activity, it doesn't seem fair to back out the storms' impact.
Hercules' comments regarding the drilling outlook hewed closely to what we've heard from still-seaworthy Noble
Once again, I must conclude that offshore drilling is not washed up. Hercules wouldn't necessarily be my driller of choice here -- frankly, it doesn't crack my top five -- but I see no reason to abandon ship at these (now slightly less) depressed prices.
Fool contributor Toby Shute doesn't have a position in any company mentioned. Hercules Offshore is a Hidden Gems selection. MF Global is a Global Gains recommendation. International Coal is a Motley Fool Pay Dirt pick. The Motley Fool has a disclosure policy.