Patterson-UTI: Q4 Earnings Snapshot
HOUSTON (AP) — HOUSTON (AP) — Patterson-UTI Energy Inc. (PTEN) on Wednesday reported a loss of $51.6 million in its fourth quarter.
The Houston-based company said it had a loss of 13 cents per share. Losses, adjusted for costs related to mergers and acquisitions, were 12 cents per share.
The results missed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 10 cents per share.
The provider of onshore contract drilling services posted revenue of $1.16 billion in the period, also missing Street forecasts. Seven analysts surveyed by Zacks expected $1.21 billion.
For the year, the company reported a loss of $968 million, or $2.44 per share. Revenue was reported as $5.38 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PTEN at https://www.zacks.com/ap/PTEN