Published on 15 Feb 2024 on Zacks via Yahoo Finance

Patterson-UTI (PTEN) Q4 Earnings and Sales Beat Estimates

Patterson-UTI Energy, Inc. PTEN reported fourth-quarter 2023 adjusted net profit of 19 cents per share, which beat the Zacks Consensus Estimate of 18 cents. This outperformance can be attributed to the impressive performance of the Completion Services and Drilling Services segments. However, the bottom line declined from the year-ago quarter's level of 46 cents. This underperformance can be attributed to poor contribution from the Other Operations segment.

Total revenues of $1.6 billion beat the Zacks Consensus Estimate of $1.5 billion. The top line also improved 100.9% on a year-over-year basis. This outperformance can be attributed to PTEN's improved revenue contribution from its Completion Services segment on a year-over-year basis.

Patterson-UTI will pay its quarterly dividend of 8 cents per share on Mar 15, 2024, to shareholders of record as of Mar 1, 2024.  Its share repurchase authorization had $1 billion left as of Dec 31, 2023.