UPDATE: Diamond Offshore Q3 Profit Down 31%

Diamond Offshore Drilling

reported a 31% drop in its third-quarter earnings. Diamond Offshore's quarterly profit fell to $178.2 million, or $1.28 per share, from $256.9 million, or $1.85 per share, in the year-ago period. Its revenue fell 17% to $729.1 million. However, analysts were expecting earnings of $1.02 per share on revenue of $735 million. Diamond Offshore's operating margin declined to 33.6% from 39.9%. Diamond Offshore shares closed at $69.77 yesterday.