Patterson-UTI reports Q1 adjusted EPS 15c, consensus 13c

Reports Q1 revenue $1.5B, consensus $1.52B. “The first quarter was another strong quarter for Patterson-UTI, and we met our adjusted gross profit guidance at each of our operating segments,” said Andy Hendricks, Chief Executive Officer. “We are pleased with the way our team navigated a challenging market to start the year. Activity in both our U.S. drilling and completion businesses again outperformed, and our customers are recognizing the value that is being created by our top-tier service offerings. Our customers place a high value on differentiated services and technologies, which will benefit Patterson-UTI over the long-term as we look to create value for our shareholders.”