Patterson-UTI (PTEN) reported $758.89 million in revenue for the quarter ended June 2023, representing a year-over-year increase of 22%. EPS of $0.44 for the same period compares to $0.05 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $780.5 million, representing a surprise of -2.77%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.44.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Patterson-UTI performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Contract Drilling - Operating days - U.S. 11669 Days compared to the 11699.05 Days average estimate based on four analysts.
- Contract Drilling - Average revenue per operating day - U.S. $35.94 versus $35.58 estimated by four analysts on average.
- Contract Drilling - Average direct operating costs per operating day - U.S. $19.04 versus $18.78 estimated by four analysts on average.
- Contract Drilling - Average rigs operating - U.S. 128 versus 128.56 estimated by four analysts on average.
- Pressure Pumping - Fracturing jobs: 137 versus the three-analyst average estimate of 143.31.
- Pressure Pumping - Other jobs: 162 versus 141.08 estimated by three analysts on average.
- Pressure Pumping - Total jobs: 299 versus the three-analyst average estimate of 284.39.
- Revenue- Contract Drilling: $432.38 million versus the five-analyst average estimate of $423.31 million. The reported number represents a year-over-year change of +42%.
- Revenue- Other Operations: $21.13 million compared to the $23.44 million average estimate based on five analysts. The reported number represents a change of -13.6% year over year.
- Revenue- Directional Drilling: $55.14 million compared to the $57.38 million average estimate based on five analysts.
- Revenue- Pressure Pumping: $250.24 million versus the five-analyst average estimate of $276.88 million. The reported number represents a year-over-year change of +5%.
- Operating income (loss)- Contract Drilling: $113.34 million versus the three-analyst average estimate of $110.84 million.
Shares of Patterson-UTI have returned +29.7% over the past month versus the Zacks S&P 500 composite's +5.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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