Patterson-UTI Energy (PTEN) Misses Q4 EPS by 2c, Beats on Revenues

Patterson-UTI Energy (NASDAQ: PTEN) reported Q4 EPS of ($0.10), $0.02 worse than the analyst estimate of ($0.08). Revenue for the quarter came in at $787 million versus the consensus estimate of $764.29 million.

• The financial results for the fourth quarter of 2017 include net after-tax items of $218 million, or $0.98 per share. These items include a benefit of $219 million, or $0.99 per share, related to a non-cash revaluation of deferred tax items arising from lower corporate tax rates as part of recent tax legislation, $8.7 million of pre-tax merger and integration expenses ($6.4 million after-tax, or $0.03 per share), and an $8.4 million pre-tax gain ($6.2 million after-tax, or $0.03 per share) related to the sale of certain oil and gas properties.
• Excluding these items, the net loss per share for the quarter would have been $0.10.

For earnings history and earnings-related data on Patterson-UTI Energy (PTEN) click here.

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