REFILE-UPDATE 1-Nabors posts sharp drop in profit, meets Wall St

* Q1 EPS 21 cents ex items, in line with Wall Street

* Revenue falls 25 pct to $903.4 mln

* Shares unchanged in after-hours trading
(Corrects spelling of North America in paragraph 1)

SAN FRANCISCO, April 20 (BestGrowthStock) – Nabors Industries Ltd
(NBR.N: ), the world’s largest land-rig contractor, reported on
Tuesday a sharp drop in profit, as Wall Street expected, with a
tough quarter internationally offset partially by a recovery in
North America.

Nabors said net income fell to $40.2 million, or 14 cents
per share, from $184.4 million, or 65 cents per share, in the
same quarter a year before.

But leaving out 7 cents per share of one-time items related
to Venezuela’s currency devaluation and investment losses, the
Bermuda-based company earned 21 cents per share, broadly in
line with the average estimate on Thomson Reuters I/B/E/S.

Revenue fell about 25 percent to $903.4 million. The
average estimate from analysts was $877.5 million.

Shares of Nabors were trading around their closing price of
$20.35 in after-hours trading. The stock is down 7 percent so
far in 2010, compared with a 13 percent gain in the
Philadelphia Stock Exchange oil service index (.OSX: ).

The company has set out a disposal plan that it hopes will
put a value on some of its assets and raise about $2 billion.

Stock Market Money

(Reporting by Braden Reddall; editing by Carol Bishopric)

REFILE-UPDATE 1-Nabors posts sharp drop in profit, meets Wall St