Patterson-UTI Energy Q1 Earnings Down, Misses Estimates

(RTTNews) - Patterson-UTI Energy Inc.(PTEN) Thursday reported lower earnings for the first-quarter of 2014.

Net income for the quarter dropped to $34.8 million or $0.24 per share, from $56.2 million or $0.38 per share in the year-ago period. On average, 24 analysts polled by Thomson Reuters expected earnings per share of $0.25 for the quarter. Analysts' estimates typically exclude one-time items.

First-quarter revenues declined to $678 million from $667 million in the same period, last year. Analysts estimated revenues of $678.66 million for the quarter. Excluding the impact of early termination revenues in the fourth quarter, average rig revenue per day increased to $23,380 million from $23,170 million in the fourth-quarter. In addition, the board declared a quarterly dividend of $0.10 per share, to be paid on June 26, 2014 to holders of record as of June 12, 2014.