Parker Drilling Co. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the Year 2018
February 13, 2018
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Parker Drilling Co. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported revenues of $116,334,000 against $94,025,000 a year ago. Total operating loss was $14,221,000 against $30,190,000 a year ago. Loss before income taxes was $25,657,000 against $42,637,000 a year ago. Net loss available to common stockholders was $29,599,000 or $0.21 per basic and diluted share against $48,929,000 or $0.39 per basic and diluted share a year ago. EBITDA was $14,659,000 against $1,601,000 a year ago. Adjusted EBITDA was $22,355,000 against $5,240,000 a year ago. Adjusted net loss attributable to controlling interest was $22,040,000 or $0.16 per diluted share against $41,281,000 or $0.33 per diluted share a year ago. Capital expenditures in the fourth quarter were $9.7 million. The company generated $21 million of cash in the quarter, which increased cash balance to $142 million at year-end versus $121 million at the end of the third quarter. The increase in cash was primarily due to working capital improvement, as company remains highly focused on receivables collections.
For the year, the company reported revenues of 442,520,000 against $427,004,000 a year ago. Total operating loss was $65,805,000 against $111,257,000 a year ago. Los before income taxes was $109,661,000 against $156,644,000 a year ago. Net loss available to common stockholders was $121,752,000 or $0.89 per basic and diluted share against $230,814,000 or $1.86 per diluted share a year ago. Full year capital expenditures came in at $54.5 million. Gross margin excluding depreciation and amortization increased by 35% compared with 2016 with 145% incremental.
For the year 2018, company expects effective tax rate to be between negative 5% and negative 15%. This is largely a result of the noncash valuation allowances that restrict ability to recognize benefits associated with certain losses. Capital expenditures to be in the range between $50 million and $60 million.
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 Co. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the Year 2018