Pioneer Energy Services Posts Q3 Loss On Impairment Charge - Quick Facts

(RTTNews) - Pioneer Energy Services (PES) reported a third-quarter net loss of $6.23 million or $0.10 per share, compared to profit of $2.61 million or $0.04 per share, last year. The company noted that its loss for the quarter included a $9.5 million impairment charge primarily due to the sale of eight mechanical drilling rigs that were not expected to return to work in the near term.

Adjusted net loss was $0.2 million and adjusted per share results were breakeven for the third quarter.

On average, 12 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.04 for the quarter. Analysts' estimates typically exclude special items.

Total revenues increased to $243.98 million, from $229.77 million, last year. Analysts expected revenue of $236.20 million for the quarter.