Parker Drilling Company Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Tax Rate Guidance for the Year 2018
Parker Drilling Company announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company's revenues were $109,675,000 against $98,271,000 a year ago. Total operating loss was $16,266,000 against $27,137,000 a year ago. Loss before income taxes was $27,192,000 against $37,467,000 a year ago. Net loss available to common stockholders was $29,702,000 against $39,809,000 a year ago. Basic and diluted loss per share was $0.21 against $0.31 a year ago. EBITDA was $12,597,000 against $5,605,000 a year ago. Adjusted EBITDA was $11,940,000 against $5,417,000 a year ago. Adjusted net loss available to common shareholders was $29,702,000 against $39,809,000 a year ago. Adjusted diluted loss per share was $0.21 against $0.31 a year ago. Capital expenditures in the first quarter were $8.9 million, with 94% dedicated to Rental Tools Services business.
For 2018, The Company expects effective tax rate to be between negative 5% and negative 15%. The company expects CapEx of approximately $60 million in 2018.