Patterson-UTI (PTEN) Reports Break-Even Earnings for Q3

Company Performance - Patterson-UTI reported break-even quarterly earnings per share, compared to the Zacks Consensus Estimate of $0.01, and earnings of $0.20 per share a year ago, indicating a -100% earnings surprise [1] - The company posted revenues of $1.36 billion for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 5.32%, and up from $1.01 billion year-over-year [1] - Over the last four quarters, Patterson-UTI has surpassed consensus revenue estimates three times [1] Earnings Outlook - The current consensus EPS estimate for the coming quarter is -$0.02 on revenues of $1.28 billion, and $0.18 on revenues of $5.37 billion for the current fiscal year [4] - The estimate revisions trend for Patterson-UTI is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [4] Industry Context - The Oil and Gas - Drilling industry, to which Patterson-UTI belongs, is currently in the bottom 19% of over 250 Zacks industries, suggesting a challenging environment [5] - Precision Drilling, another company in the same industry, is expected to report quarterly earnings of $1.55 per share, reflecting a year-over-year change of +43.5%, with revenues expected to be $367.26 million, up 10.3% from the year-ago quarter [5]