Parker Drilling Earnings: Everything You Must Know Now

Parker Drilling Co. (NYSE:PKD) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.

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Parker Drilling Co. Earnings Cheat Sheet

Results: Adjusted Earnings Per Share decreased 86.36% to $0.03 in the quarter versus EPS of $0.22 in the year-earlier quarter.

Revenue: Decreased 5.31% to $167.2 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Parker Drilling Co. reported adjusted EPS income of $0.03 per share. By that measure, the company beat the mean analyst estimate of $0. It beat the average revenue estimate of $166.1 million.

Quoting Management: “We had an active, challenging and constructive start to the year,” began Gary Rich, president and chief executive officer of Parker Drilling. “During the closing months of 2012 and beginning of 2013, the demand for U.S. rental tools and Gulf of Mexico barge drilling services softened. We focused on maintaining our high level of customer service, safety and efficiency while being responsive to competitive conditions and upholding our market position. By the end of the quarter, the barge drilling market firmed and competitive pressures in the rental tools market eased. As a result, our barge drilling operations returned to high levels of utilization and rising dayrates and our rental tools utilization improved.”

Key Stats (on next page)…

Revenue increased 6.37% from $157.19 million in the previous quarter. EPS increased to $0.03 in the quarter versus EPS of $-0.03 in the previous quarter.

Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.09 to a profit $0.05. For the current year, the average estimate has moved down from a profit of $0.38 to a profit of $0.25 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)

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