Reported Wednesday, Patterson-UTI Energy Q2 EPS $0.03 Misses $0.09 Estimate, Sales $1.35B Miss $1.42B Estimate
Portfolio Pulse from Benzinga Newsdesk
Patterson-UTI Energy (NASDAQ:PTEN) reported Q2 earnings per share of $0.03, missing the analyst estimate of $0.09 by 66.67%. Sales were $1.35 billion, also missing the estimate of $1.42 billion. This represents a significant decrease in EPS from last year but a notable increase in sales.
July 25, 2024 | 7:32 am
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Patterson-UTI Energy reported Q2 EPS of $0.03, missing the $0.09 estimate by 66.67%. Sales were $1.35 billion, missing the $1.42 billion estimate. EPS decreased 93.02% YoY, while sales increased 77.63% YoY.
The significant miss on both EPS and sales estimates is likely to negatively impact PTEN's stock price in the short term. The large YoY decrease in EPS further exacerbates the negative sentiment, despite the notable increase in sales.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100