UPDATE: Diamond Offshore Q4 Profit Beats Expectations

reported better-than-expected earnings for the fourth quarter. The Houston, Texas-based company posted a quarterly profit of $99 million, or $0.72 per share, versus $93 million, or $0.67 per share, in the year-ago period. Its revenue declined 7% to $675.3 million. However, analysts were expecting earnings of $0.66 per share on revenue of $692.7 million. The company's declared a regular quarterly dividend of $0.125 per share. The company's board has chosen not to declare a special dividend. For full year 2014, the company's net income fell to $387 million, or $2.81 per share, from $549 million, or $3.95 per share, in 2013. Marc Edwards, President and Chief Executive Officer said, "Given the significant downturn in industry fundamentals, we believe it is prudent to retain cash so that the Company is in a stronger position to take advantage of opportunities that may materialize in a distressed market." Diamond Offshore shares fell 0.68% to close at $33.60 on Friday.