Parker Drilling (PKD) Tops Q3 EPS by 20c, Revenues Beat

Parker Drilling (NYSE: PKD) reported Q3 EPS of ($2.99), $0.20 better than the analyst estimate of ($3.19). Revenue for the quarter came in at $121.46 million versus the consensus estimate of $116.43 million.

Gary Rich, the Company's Chairman, President and CEO, said, "We continue to see early signs of recovery in several end markets, with our U.S. and International Rental Tools Services segments performing very well again in the third quarter. While the current industry environment for our Drilling Services business remains challenging, we are cautiously optimistic that the growing number of tendering opportunities will translate into increased utilization in select markets where we operate. With that said, we do not anticipate a meaningful recovery in our barge markets; therefore, we felt it was appropriate to assess the carrying value of these particular assets and record an impairment loss for the quarter."

Mr. Rich added, "We continue to be judicious with respect to capital spending, and we are giving priority to those opportunities with high return on capital and quick cash payback. Our Rental Tools Services business remains the top focus for our incremental growth capex due to its growing customer demand and ability to meet our capital return requirements. As we have mentioned before, we are proactively working with outside advisers to evaluate multiple options to address our capital structure in light of upcoming debt maturities, and today we disclosed certain material non-public information related to this evaluation. Our third quarter G&A expense was materially higher because of the professional fees we incurred as a result of this effort."

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

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