Patterson-UTI energy Inc. (PTEN) reported net income of $9.1 million or $0.06 per share, for the first quarter of 2015, down from $34.8 million, or $0.24 per share, for the quarter ended March 31, 2014.
The financial results for the latest-quarter included a pretax non-cash charge of $3.4 million related to the impairment of certain oil and natural gas properties, and a $12.3 million charge, which was included in selling, general and administrative expenses, and is related to its settlement with the EEOC. Collectively, these charges negatively impacted diluted earnings per share by $0.06 for the three months ended March 31, 2015.
The company also had $15.8 million of revenues from the early termination of drilling contracts that increased diluted earnings per share by $0.06 for the three months ended March 31, 2015. Taken together, the charges and early termination revenues reduced net income by less than $100,000, and diluted earnings per share remains $0.06 for the three months ended March 31, 2015 when all of these items are excluded from the calculation.
Revenues for the first quarter of 2015 were $658 million, compared to $678 million for the first quarter of 2014.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.03 per share and revenues of $682.86 million for the quarter. Analysts' estimates typically exclude special items.
The company declared a quarterly dividend on its common stock of $0.10 per share, to be paid on June 24, 2015 to holders of record as of June 10, 2015.
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