Patterson-UTI Energy Inc.
provided on Wednesday an upbeat fourth-quarter earnings outlook, citing “more favorable pricing than expected” on renewals of drilling contracts. The oilfield services company said based on current projections, it expects net income to exceed $100 million, compared with the FactSet consensus of $72.4 million. The company also expected adjusted earnings before interest, taxes, depreciation and amortization to surpass $230 million, above the FactSet consensus of $206 million.
provided on Wednesday an upbeat fourth-quarter earnings outlook, citing “more favorable pricing than expected” on renewals of drilling contracts. The oilfield services company said based on current projections, it expects net income to exceed $100 million, compared with the FactSet consensus of $72.4 million. The company also expected adjusted earnings before interest, taxes, depreciation and amortization to surpass $230 million, above the FactSet consensus of $206 million.