Patterson-UTI Energy Reports Q2 GAAP Loss, Beats Revenue Estimates
Patterson-UTI Energy (PTEN) reported a second-quarter loss of $0.05 per share on a GAAP basis, missing estimates by $0.02. However, the company exceeded revenue expectations with earnings of $1.23 billion, representing an 8% year-over-year increase and beating forecasts by $80 million. The firm also reported Adjusted EBITDA for Q2 at $232 million. Management expressed optimism about continued growth in drilling and completion activity as well as pricing improvements going forward.
Tickers: $PTEN