Tuesday, Parker Drilling Co. (PKD), a drilling contractor and service provider, reported a loss for the fourth quarter, compared to a profit in the year ago quarter, hurt by an after-tax expense of $69.4 million or $0.62 per share for the non-routine items. Total revenues for the quarter increased 17% from the prior year quarter.
The Houston, Texas-based company reported a net loss of $39.48 million or $0.35 per share, compared to net income of $34.57 million or $0.31 per share in the same quarter last year.
Excluding items, net income for the quarter was $29.91 million or $0.27 per share, higher than net income of $25.92 million or $0.23 per share reported in the year ago quarter.
On average, five analysts polled by Thomson Reuters expected the company to earn $0.15 per share for the quarter. Analysts' estimates typically exclude special items.
The fourth quarter results included net after-tax expense of $69.4 million or $0.62 per share, for non-routine items. The non-routine items includes goodwill impairment of $100.3 million related to the 1996 acquisitions of Mallard Bay Drilling and Quail Tools, $6.3 million of expenses related to the previously disclosed investigation by the Department of Justice and $12.5 million of foreign tax credits.
Total revenues for the quarter increased 17% to $212.38 million, from $180.83 million in the comparable quarter last year. Analysts expected the company to report revenue of $225.73 million for the quarter.
Total operating expenses increased to $164.72 million from $129.89 million in the same quarter previous year. Total operating loss was $62.26 million, compared to operating income of $43.46 million in the year ago quarter.
For the full year, Parker Drilling reported net income of $25.56 million or $0.23 per share, down from $104.08 million or $0.95 per share last year. Excluding items, net income was $95.39 million or $0.85 per share, compared to $94.97 million or $0.86 per share previous year. Analysts expected the company to earn $0.73 per share for the full year.
Total revenues for the full year increased 27% to $829.84 million from $654.57 million a year ago. Analysts expected the company to report revenue of $843.20 million for the full year.
PKD is currently trading at $1.70, up $0.42 or 32.81% on a volume of 1.71 million shares in the Nasdaq.
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