Patterson-UTI (PTEN) Q2 Earnings Fall Y/Y, Sales Lag Estimates

Patterson-UTI Energy, Inc. (PTEN) reported second-quarter 2024 adjusted net profit of 3 cents per share, down from the prior-year quarter's level of 40 cents. This year-over-year deterioration was mainly due to poor contribution from the Drilling Services segment. Drilling Services: Revenues in this segment totaled $440.3 million, down 10.1% from the prior-year quarter's figure of $489.7 million. Additionally, the top line was also below our projection of $441.5 million. Operating profit amounted to $0.4 mi ...