WASHINGTON (dpa-AFX) - Patterson-UTI Energy, Inc. (PTEN) posted first quarter net income of $97.27 million or $0.62 per share, higher than $71.25 million or $0.46 per share a year ago.
On average, 25 analysts polled by Thomson Reuters expected the company to report earnings of $0.57 per share. Analysts' estimates typically exclude special items.
Revenues grew to $745.92 million from $567.4 million a year ago. Analysts estimated revenues of $732.36 million.
Douglas Wall, Patterson-UTI's Chief Executive Officer, stated, 'Growth in our U.S. rig activity continued during the first quarter. This growth was achieved despite the acceleration of rigs moving from dry gas to oil and liquids rich markets, which caused us to lose some days as rigs transitioned between customers...'
Based on contracts currently in place with an initial duration of at least six months, the company expects to have an average of 153 rigs operating under term contract during the second quarter, and 132 rigs during the last three quarters of 2012. The comparable numbers for term contracts with an initial duration of at least one year are 136 in the second quarter, and 124 during the last three quarters of 2012.
The company declared a quarterly cash dividend on its common stock of $0.05 per share, to be paid on June 29, 2012 to holders of record as of June 15, 2012.
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