Patterson-UTI: Q1 Earnings Snapshot
By AP News
Published - Apr 27, 2023, 05:03 AM ET
Last Updated - Jun 22, 2023, 03:08 AM EDT
HOUSTON (AP) — HOUSTON (AP) — Patterson-UTI Energy Inc. (PTEN) on Wednesday reported first-quarter net income of $99.7 million.
On a per-share basis, the Houston-based company said it had net income of 46 cents.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 36 cents per share.
The provider of onshore contract drilling services posted revenue of $791.8 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $755.9 million.
