NASDAQ$PTEN
Patterson-UTI Energy Inc · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Patterson-UTI's financial performance for Q3 2024 reflected a mix of strong operational results and significant non-cash charges.
Patterson-UTI Energy reported a total revenue of $1.4 billion for the third quarter of 2024. The company experienced a net loss attributable to common stockholders of $979 million, or $2.50 per share, which included an $885 million goodwill impairment, a $114 million asset retirement charge, and $7 million in merger and integration expenses. Adjusted net income attributable to common stockholders was $2 million, or $0.00 per share. Adjusted EBITDA was $275 million.
- Total revenue reached $1.4 billion.
- Net loss attributable to common stockholders was $979 million, or $2.50 per share, including significant charges.
- Adjusted net income attributable to common stockholders was $2 million, or $0.00 per share, excluding certain charges.
- Adjusted EBITDA totaled $275 million, excluding goodwill impairment, asset retirement charge, and merger and integration expenses.
Headline financials
Revenue & EPS history
Patterson-UTI · Revenue · Quarterly
$1.36B
Revenue by segment
Patterson-UTI · $1.01B total across 4 segments · Q3 2023
- Drilling Services$489M+16.9%48.3%
- Completion Services$460M+59.8%45.4%
- Drilling Products$46.6M—4.6%
- Other$16.5M-24.2%1.6%
Forward guidance
In drilling, the company expects a relatively steady rig count for its Tier 1 high-spec drilling rigs through the rest of the year and into 2025. However, the overall industry rig count may fluctuate as older, lower spec assets could see weaker demand given the bifurcated capabilities within the industry rig fleet. They expect customers will reduce completion activity in the fourth quarter before activity recovers again in the first half of 2025.
Tailwinds
- Company expects to see a relatively steady rig count for its Tier 1 high-spec drilling rigs through the rest of the year and into 2025.
- Completion Services segment is likely to see higher adjusted gross profit in the first half of 2025, relative to the second half of 2024.
- Drilling Products segment for the fourth quarter, expects a slight sequential increase in revenue and adjusted gross profit, driven by growth in International operations.
- Company expects fourth quarter capital expenditures to be approximately $150 million.
- Company expects U.S. Contract Drilling to operate an average of 106 rigs in the fourth quarter.
Headwinds
- Overall industry rig count may fluctuate as older, lower spec assets could see weaker demand.
- Customers will reduce completion activity in the fourth quarter.
- Company expects fourth quarter Completion Services adjusted gross profit of approximately $85 million.
- Company expects other Drilling Services adjusted gross profit will be down slightly in the fourth quarter compared to the prior quarter.
- Company expects reduction in adjusted gross profit per operating day relative to prior periods is largely the result of lower revenue per day due to contract churn and rig mix.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2024
+1.1%
Avg return
Earnings day
+3.4%
Avg return
5 days after
+2.8%
Avg return
30 days after
47%
34 / 73 earnings
Positive
+16.1%
Q3 2018
Best reaction
-17.4%
Q4 2017
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +3.1% | +9.3% | +13.9% | |
| Q4 2025 | +2.8% | +4.0% | +12.8% | |
| Q3 2025 | +11.2% | +3.0% | -9.0% | |
| Q2 2025 | -4.1% | -5.7% | -1.2% | |
| Q1 2025 | +3.7% | +1.2% | -2.7% | |
| Q4 2024 | +0.0% | +10.1% | -10.4% | |
| Q3 2024 | +1.4% | +1.5% | +10.4% | |
| Q2 2024 | +2.6% | -0.1% | -8.5% | |
| Q1 2024 | -2.1% | +1.4% | +1.8% | |
| Q4 2023 | +13.7% | +16.7% | +11.7% | |
| Q3 2023 | -2.2% | -2.3% | -13.4% | |
| Q2 2023 | +1.2% | +3.1% | -8.8% | |
| Q1 2023 | -2.8% | -4.3% | -10.2% | |
| Q4 2022 | -11.3% | -6.9% | -19.0% | |
| Q3 2022 | +15.4% | +20.9% | +20.4% | |
| Q2 2022 | +11.8% | +16.0% | +11.0% | |
| Q1 2022 | +9.7% | +2.1% | +24.6% | |
| Q4 2021 | +16.1% | +23.7% | +46.9% | |
| Q3 2021 | -5.8% | -0.9% | -21.2% | |
| Q2 2021 | -2.6% | -1.7% | -3.8% | |
| Q1 2021 | -0.7% | +11.0% | +22.9% | |
| Q4 2020 | -6.7% | -7.2% | +39.2% | |
| Q3 2020 | +10.7% | +1.5% | +56.7% | |
| Q2 2020 | +7.1% | +9.3% | +1.4% | |
| Q1 2020 | +12.6% | +22.6% | +54.3% | |
| Q4 2019 | -12.5% | -11.4% | -49.0% | |
| Q3 2019 | +6.5% | +6.5% | +4.5% | |
| Q2 2019 | -5.8% | +2.8% | -29.7% | |
| Q1 2019 | -5.7% | -10.2% | -27.1% | |
| Q4 2018 | -0.4% | +5.8% | +0.2% | |
| Q3 2018 | +16.1% | +16.4% | +1.0% | |
| Q2 2018 | +4.8% | +6.2% | +8.0% | |
| Q1 2018 | +6.4% | +8.3% | +5.7% | |
| Q4 2017 | -17.4% | -18.5% | -8.7% | |
| Q3 2017 | +10.0% | +10.1% | +14.0% | |
| Q2 2017 | -1.2% | -2.4% | -19.7% | |
| Q1 2017 | -5.9% | -6.1% | -6.4% | |
| Q4 2016 | +2.2% | +8.0% | -7.5% | |
| Q3 2016 | -3.1% | -5.3% | +3.5% | |
| Q2 2016 | -1.3% | -4.3% | +4.7% | |
| Q1 2016 | +3.5% | — | — | |
| Q4 2015 | +5.3% | — | — | |
| Q3 2015 | +5.2% | — | — | |
| Q2 2015 | -3.5% | — | — | |
| Q1 2015 | +0.7% | — | — | |
| Q4 2014 | +6.3% | — | — | |
| Q3 2014 | -2.2% | — | — | |
| Q2 2014 | +2.8% | — | — | |
| Q1 2014 | -3.8% | — | — | |
| Q4 2013 | +14.5% | — | — | |
| Q3 2013 | -0.2% | — | — | |
| Q2 2013 | -6.0% | — | — | |
| Q1 2013 | -9.3% | — | — | |
| Q4 2012 | +12.8% | — | — | |
| Q3 2012 | -2.2% | — | — | |
| Q2 2012 | +8.7% | — | — | |
| Q1 2012 | -3.1% | — | — | |
| Q4 2011 | -3.4% | — | — | |
| Q3 2011 | -10.5% | — | — | |
| Q2 2011 | -6.2% | — | — | |
| Q1 2011 | +0.1% | — | — | |
| Q4 2010 | -1.7% | — | — | |
| Q3 2010 | -1.0% | — | — | |
| Q2 2010 | -1.2% | — | — | |
| Q1 2009 | -3.7% | — | — | |
| Q1 2010 | +0.9% | — | — | |
| Q4 2007 | -3.3% | — | — | |
| Q4 2009 | -3.3% | — | — | |
| Q3 2009 | +1.7% | — | — | |
| Q3 2008 | +1.7% | — | — | |
| Q4 2008 | +0.0% | — | — | |
| Q2 2008 | +0.0% | — | — | |
| Q2 2009 | +0.0% | — | — |
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