UPDATE: Diamond Offshore Posts 17% Drop In Q4 Profit, Declares Special Dividend

Diamond Offshore Drilling

reported a 17% drop in its fourth-quarter earnings. The company's board declared a special cash dividend of $0.75 per share. Diamond Offshore's quarterly profit fell to $155.7 million, or $1.12 per share, versus $188.5 million, or $1.36 per share, in the year-ago period. Its revenue rose 0.3% to $750.5 million. However, analysts were expecting earnings of $1.10 per share on revenue of $740 million. Its operating margin declined to 26% from 29.2%. Diamond Offshore shares closed at $76.48 yesterday.