Patterson-UTI Energy (PTEN) Tops Q1 EPS by 2c, Revenues Beat

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Go back to Patterson-UTI Energy (PTEN) Tops Q1 EPS by 2c, Revenues Beat

Patterson-UTI Energy Reports Financial Results for the Three Months Ended March 31, 2020

April 23, 2020 6:01 AM EDT

HOUSTON, April 23, 2020 /PRNewswire/ -- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the three months ended March 31, 2020.  The Company reported a net loss of $435 million, or $2.28 per share, for the first quarter of 2020, compared to a net loss of $28.6 million, or $0.14 per share, for the first quarter of 2019.  Revenues for the first quarter of 2020 were $446 million, compared to $704 million for the first quarter of 2019.

Financial results for the three months ended March 31, 2020 include pre-tax, non-cash charges totaling $406 million ($349 million after-tax or $1.83 per share).  These charges include a $395 million... More