07:07 AM EDT, 05/23/2024 (MT Newswires) -- Borr Drilling ( BORR ) reported Thursday Q1 income of $0.06 per diluted share, swinging from a loss of $0.03 a year earlier.

Two analysts polled by Capital IQ expected a profit of $0.18 per share.

Revenue for the quarter ended March 31 was $234 million, up from $172 million a year earlier.

Analysts surveyed by Capital IQ expected $234.1 million.

Borr said it continues to expect 2024 adjusted earnings before interest, taxes, depreciation, and amortization of $500 million to $550 million.

Additionally, the company said it has increased its quarterly dividend to $0.10 per share, from $0.05 per share previously. The higher dividend is payable by June 17 to holders of record on June 3.

The company's shares were up 9% in recent Thursday premarket activity.

Price: 6.35, Change: +0.52, Percent Change: +8.92