Parker Drilling Co. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Earnings Guidance for the Fourth Quarter and Full Year 2017
For the nine months, the company reported revenues of $326,186,000 against $332,979,000 a year ago. Total operating loss was $51,584,000 against $81,067,000 a year ago. Loss before income taxes was $84,004,000 against $114,007,000 a year ago. Net loss was $90,008,000 or $0.68 per share basic and diluted against $181,885,000 or $1.47 per share basic and diluted a year ago. Net Loss Available to Common Stockholders was $92,153,000 against $181,885,000 a year ago.
Company expects for the remainder of 2017, effective tax rate to range between negative 10% and negative 15%. Total 2017 CapEx to be approximately $60 million.
Company expects capital spending for the fourth quarter to range between $10 million and $15 million.