Patterson-UTI Energy Q1 2024 Adj EPS $0.15 Beats $0.13 Estimate, Sales $1.510B Miss $1.515B Estimate
Portfolio Pulse from Benzinga Newsdesk
Patterson-UTI Energy (PTEN) reported Q1 2024 earnings of $0.15 per share, surpassing the $0.13 estimate, but its sales of $1.510B fell short of the $1.515B forecast. This represents a 90.70% increase in sales compared to the same period last year.
May 02, 2024 | 6:50 am
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Patterson-UTI Energy reported higher-than-expected Q1 2024 earnings per share but slightly missed sales estimates, with a significant year-over-year sales increase.
The positive earnings surprise, beating estimates by 15.38%, is likely to be viewed favorably by investors, potentially leading to a short-term uptick in PTEN's stock price. However, the slight miss on sales forecasts could temper some of the positive sentiment. The significant year-over-year sales growth indicates strong operational performance, further supporting the potential for a positive short-term price movement.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100