Patterson-UTI Energy Posts Q3 Loss On Impairment Charges

(RTTNews) - Patterson-UTI Energy Inc. (PTEN) Thursday reported third quarter net loss that includes non-cash good will impairment charges, compared to a profit last year. Revenue for the quarter almost halved from the previous year.

The company declared a quarterly dividend of $0.10 per share to shareholders on record December 10, payable on December 24, 2015.

For the third quarter, the company recorded a net loss of $225.98 million or $1.54 per share compared to a profit of $15.98 million or $0.11 per share a year ago. The result reflects onetime goodwill impairment of $124.56 million. On average, 26 analysts polled by Thomson Reuters expected the company to record loss of $0.34 per share.

Revenue for the quarter plunged to $422.25 million from $845.63 million in the previous year. Wall Street was looking for revenue of $411.37 million.