Stock Track | Patterson-UTI Plummets 5.09% as Q4 Earnings Disappoint Across the Board

Stock Track

13 Feb

Shares of Patterson-UTI (PTEN) plunged 5.09% in intraday trading on Wednesday, as the company reported disappointing fourth quarter 2024 earnings results.

The oilfield services company saw its revenues slump 26.7% year-over-year to $1.16 billion, missing analyst estimates of $1.21 billion. Earnings per share came in at a loss of $0.12, falling short of the consensus estimate for a loss of $0.10 per share and down from a profit of $0.19 in the year-ago quarter.

Multiple key business segments underperformed analyst expectations:

Completion Services revenue of $650.85 million missed estimates by $44.61 million
Drilling Products revenue of $86.52 million missed estimates by $3.98 million
Income before taxes for Completion Services, Drilling Products, and Corporate segments all fell short of estimates

The broad-based misses across PTEN's business lines and financial metrics led to the stock's plummet on Wednesday.

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