Patterson-UTI Energy Reports Financial Results for the Three and Nine Months Ended September 30, 2019
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Patterson-UTI Energy (PTEN) Tops Q3 EPS by 3c, Revenues Miss
October 24, 2019 6:16 AM EDTPatterson-UTI Energy (NASDAQ: PTEN) reported Q3 EPS of ($0.27), $0.03 better than the analyst estimate of ($0.30). Revenue for the quarter came in at $598 million versus the consensus estimate of $605.62 million.
Andy Hendricks, Patterson-UTI's Chief Executive Officer, stated, "We exceeded our expectation for cash flow generation during the third quarter. We reduced our capital expenditures and, excluding charges discussed below, Adjusted EBITDA for the third quarter exceeded capital expenditures by $74.9 million. During the third quarter, we also reduced debt by $150 million, repurchased $75 million of our shares, and paid dividends totaling $7.8 million."
"As of September 30,... More
