Patterson-UTI Energy Reports Lower Q4 Profit; Doubles Quarterly Dividend

(RTTNews) - Patterson-UTI Energy Inc. (PTEN) reported fourth-quarter net income of $16.6 million, or $0.11 per share, compared to $58.9 million, or $0.40 per share, prior year. The company noted that its results for the quarter included a pretax non-cash charge of $37.8 million ($24.1 million after-tax or $0.17 per share) related to the mechanically powered rig fleet.

On average, 22 analysts polled by Thomson Reuters expected the company to report profit per share of $0.22 for the quarter. Analysts' estimates typically exclude special items.

Revenues were $659 million, compared to $653 million, a year ago. Analysts expected revenue of $654.59 million for the quarter.

The Company declared a quarterly cash dividend on its common stock of $0.10 per share, to be paid on March 27, 2014 to holders of record as of March 12, 2014. The dividend represents a doubling of the company's recent quarterly cash dividends.