Patterson-UTI Energy (PTEN) Misses Q2 EPS by 5c; offers guidance

Patterson-UTI Energy (NASDAQ: PTEN) reported Q2 EPS of $0.03, $0.05 worse than the analyst estimate of $0.08. Revenue for the quarter came in at $1.35 billion versus the consensus estimate of $1.41 billion.

GUIDANCE

We expect to see relatively steady industry drilling activity compared to current levels through the rest of the year. We expect customers will continue to use completion activity to manage annual budgets, which is likely to impact frac activity with higher-than-normal calendar white space likely persisting through year-end. We think much of the impact from customer consolidation and weak natural gas prices is likely already reflected in the current industry activity

For the third quarter, Other revenue and adjusted gross profit is expected to be roughly flat with the prior quarter.

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

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