Patterson-UTI: Q2 Earnings Snapshot

HOUSTON (AP) — HOUSTON (AP) — Patterson-UTI Energy Inc. (PTEN) on Wednesday reported second-quarter profit of $11.1 million.

On a per-share basis, the Houston-based company said it had profit of 3 cents. Earnings, adjusted for costs related to mergers and acquisitions, came to 5 cents per share.

The results fell short of Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 9 cents per share.

The provider of onshore contract drilling services posted revenue of $1.35 billion in the period, which also fell short of Street forecasts. Eight analysts surveyed by Zacks expected $1.41 billion.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PTEN at https://www.zacks.com/ap/PTEN