Patterson-UTI Energy Q4 Results Surge

(RTTNews) - Patterson-UTI Energy Inc. (PTEN) Thursday announced a surge in fourth quarter net profit to $57.58 million from $16.59 million last year. Earnings per share more than tripled to $0.39 from $0.11 last year. The results include a pretax non-cash impairment charge of $16.8 million related to the impairment of certain oil and natural gas properties. The charge and higher effective tax rate reduced the earnings per share by $0.14 for the quarter. Pro forma earnings per share was $0.53.

On average, 28 analysts polled by Thomson Reuters expected the company to earn $0.50 per share. Analysts estimates usually exclude special items.

Revenues surged to $901.22 million from $658.77 million in the previous year. Analysts were looking for $887.06 million.

The Company declared a quarterly dividend of $0.10 per share, Payable March 25, 2015 to shareholders on record March 11, 2015.