Patterson-UTI Energy (PTEN) Misses Q3 EPS by 6c; offers outlook

Patterson-UTI Energy (NASDAQ: PTEN) reported Q3 EPS of $0.20, $0.06 worse than the analyst estimate of $0.26. Revenue for the quarter came in at $1 billion versus the consensus estimate of $1.05 billion.

OUTLOOK

For the fourth quarter, Drilling Products revenue is expected to be approximately $90 million, with $60 million in direct operating costs and an adjusted gross margin of $30 million. We expect $10 million in non-cash direct operating costs associated with the step-up in value at Ulterra, without which our segment adjusted gross margin expectation would be $40 million.

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

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