Parker Drilling Co. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the Year 2017 and First Quarter of 2017
For the year, the company reported revenues of $427,004,000 against $712,183,000 a year ago. Total operating loss was $111,257,000 against $17,338,000 a year ago. Los before income taxes was $156,644,000 against $71,971,000 a year ago. Net loss was $230,814,000 or $1.86 per basic and diluted share against $94,284,000 or $0.78 per diluted share a year ago. Full year capital expenditures came in at $29 million.
For the year 2017, company expects capital expenditures are to range between $40 million and $50 million. Effective tax rate to range between negative 5% and negative 15%. This is largely the result of noncash valuation allowances that restrict company ability to recognize benefits associated with certain losses
For the first quarter, company expects capital spending to be between $15 million and $20 million.