PTEN - Patterson-UTI Energy Non-GAAP EPS of $0.20 misses by $0.04 revenue of $1B beats by $14.31M
2023-11-08 00:51:56 ET
- Patterson-UTI Energy press release ( NASDAQ: PTEN ): Q3 Non-GAAP EPS of $0.20 misses by $0.04 .
- Revenue of $1B (+37.5% Y/Y) beats by $14.31M .
- Adjusted EBITDA of $277 million.
- Outlook: " We expect U.S. Contract Drilling revenue per day of $35,400 and costs per day of $19,300, resulting in adjusted gross margin per operating day of $16,100. In addition to U.S. Contract Drilling, other Drilling Services revenue is expected to be $65 million with $55 million in direct operating costs and $10 million of adjusted gross margin. For the fourth quarter, Drilling Products revenue is expected to be approximately $90 million, with $60 million in direct operating costs and an adjusted gross margin of $30 million. We expect $10 million in non-cash direct operating costs associated with the step-up in value at Ulterra, without which our segment adjusted gross margin expectation would be $40 million.
For the fourth quarter, Other revenue and adjusted gross margin is expected to be roughly flat with the third quarter.
For the fourth quarter, we expect selling, general and administrative expense of approximately $65 million, depreciation and amortization expense of approximately $260 million. We expect to pay cash taxes of approximately $5 million in the fourth quarter.
For the fourth quarter, we expect total capital expenditures of approximately $190 million, comprised of $65 million for Drilling Services, $110 million for Completion Services, $10 million for Drilling Products, and $5 million for Other and Corporate."
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Patterson-UTI Energy Non-GAAP EPS of $0.20 misses by $0.04, revenue of $1B beats by $14.31M