Patterson-UTI Q2 Profit Down - Quick Facts

(RTTNews) - Patterson-UTI Energy, Inc. (PTEN), a provider of onshore contract drilling and pressure pumping services, Thursday reported a decrease in net income for the second quarter to $40.8 million or $0.28 per share compared with $92.5 million or $0.60 per share during the same quarter last year. The last year results included a $17.2 million after-tax gain from the sale of assets.

On average, twenty seven analysts polled by Thomson Reuters expected earnings per share of $0.30 for the quarter. Analysts' estimates typically exclude one-time items.

The company clocked revenues of $659 million compared with $681 million reported during the three-month period last year. The Street had projected revenues to be $643.94 million. The company also said the seasonal slowdown in Canadian activities hurt revenues.

Further, the company declared a quarterly cash dividend of $0.05 per share payable on September 30 to shareholders of record on September 16