Parker Drilling (PKD) Tops Q2 EPS by 58c, Revenues Beat

Parker Drilling (NYSE: PKD) reported Q2 EPS of ($2.56), $0.58 better than the analyst estimate of ($3.14). Revenue for the quarter came in at $118.6 million versus the consensus estimate of $115.25 million.

Gary Rich, the Company's Chairman, President and CEO, stated, "Our second quarter results improved noticeably from the prior quarter, driven primarily by increased activity in our Rental Tools Services business. During the second quarter, our U.S. Rental Tools segment grew at a higher rate than the U.S. rig count, and we are very pleased with the contributions this segment continues to provide. Additionally, our International Rentals segment posted improved revenues and margins as we continue to see stronger demand for tubular running services in many of our markets.

"In our Drilling Services business, our U.S. (Lower 48) Drilling segment results also improved in the second quarter driven by higher utilization. The International and Alaska Drilling segment reactivated two rigs during the quarter, one in the Kurdistan Region of Iraq and the other in Kazakhstan, and we are actively participating in numerous tenders. While we are pleased to see improved equipment utilization and tendering activity across our Drilling Services business, pricing remains soft given high capacity available in the market."

Mr. Rich added, "We continue to be judicious with respect to capital spending, prioritizing opportunities with strong rates of return and quick payback periods. Also, to increase our financial flexibility, we are carefully evaluating options to enhance our capital structure in light of upcoming debt maturities."

For earnings history and earnings-related data on Parker Drilling (PKD) click here.

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