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.