Parker Drilling Company Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Earnings Results Guidance for the Year 2018
August 01, 2018 at 10:21 pm
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Parker Drilling Company announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported Revenues were $118.603 million against $109.607 million a year ago. Total operating loss was $8.933 million against $17.632 million a year ago. Loss before income taxes was $21.291 million against $28.145 million a year ago. Net loss available to common stockholders was $23.784 million against $31.127 million a year ago. Diluted loss per common share was $2.56 against $3.39 a year ago. EBITDA was $17.042 million against $13.932 million a year ago. Adjusted EBITDA was $18.681 million against $13.463 million a year ago. Adjusted net loss available to common stockholders was $23.784 million against $31.127 million a year ago. Adjusted diluted loss per common share was $2.56 against $3.39 a year ago. Capital expenditures in the second quarter were $23.6 million.
For the six months, the company reported Revenues were $228.278 million against $207.878 million a year ago. Total operating loss was $25.199 million against $44.769 million a year ago. Loss before income taxes was $48.483 million against $65.612 million a year ago. Net loss available to common stockholders was $53.486 million against $70.936 million a year ago. Diluted loss per common share was $5.77 against $7.94 a year ago. Year to date through June 30, 2018, capital expenditures were $32.5 million, with 97.3% dedicated to Rental Tools Services business.
The company provided earnings results guidance for the year 2018. For 2018, the company still expect effective tax rate to be between negative 5% and negative 15%. The company expects 2018 cash taxes to be approximately $8 million to $10 million, with $5.4 million paid during the first half of 2018. Capital expenditures will be approximately $75 million, up from previous guidance of $60 million for the year 2018. Full year 2018 gross margin, less G&A, which is effectively adjusted EBITDA per earnings release, will be in the range of $65 million to $75 million. For U.S. (Lower 48) Drilling segment, The company expects revenues to increase in the third quarter as a result of improved utilization. Therefore, projecting an improvement in gross margin between a $2 million loss and breakeven.
Parker Drilling Company provides drilling services and rental tools to the energy industry. The Companyâs business lines include rental tools services and drilling services. Its rental tools services operate through two segments: United States rental tools and International rental tools. Its drilling services operate through two segments: United States (lower 48) drilling and International & Alaska drilling segments. The Company's drilling services business serves operators using parker-owned and customer-owned rig fleets in select United States and international markets, specialized in remote and harsh environment regions. The Company's rental tools services business supplies equipment and well services to operators on land and offshore in the United States and international markets. The Company also provides well construction services such as tubular running services and downhole tool rentals, and well intervention services such as whipstocks, fishing, and related services.
Parker Drilling Company Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Earnings Results Guidance for the Year 2018