Patterson-UTI Q1 Loss Narrows, Beats Estimates

Patterson-UTI Energy (PTEN), a provider of land drilling and pressure pumping services, reported a decreased loss for the first quarter, amidst a rise in revenues, driven by improved drilling activities and decline in expenses, depreciation, depletion, amortization, and impairment.

In addition, the company's loss for the quarter beat the Street view.

For the three-month period to March, the company reported loss of $28.77 million or $0.13 per share, compared with $106.41 million or $0.57 per share loss, reported for the same period last year.

Thirteen analysts, on average, polled by Thomson-Reuters were estimating the firm to report loss per share at $0.21. Analysts' estimates typically exclude one-time items.

The company's pre-tax loss also moved down to $27.84 million as against $127.38 million, reported for the first quarter of 2021. Operating loss was $ 18.88 million, versus $117.52 million of last year.

The Group reported its adjusted EBITDA for the quarter at $99.63 million, versus $35.36 million, on year-on-year basis.

The total other expenses of the company fell to $8.96 million, from $9.85 million, posted a year ago.

The Group reported a decline in depreciation, depletion, amortization, and impairment at $116.93 million, from $152.88 million of the previous year quarter.

Patterson-UTI generated a revenue of $509.37 million, compared with $240.92 million, reported for the first quarter of 2021. Analysts', on average, had expected the firm to report a revenue of $509.38 million.

The company will pay a quarterly dividend of $0.04, per share on June 16, to shareholders of record on June 2.

Looking ahead, for the fiscal 2022, the company expects its consolidated adjusted EBITDA to remain higher than $500 million, while maintaining its full year capital expenditure forecast at around $350 million.

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