HOUSTON (AP) — HOUSTON (AP) — Patterson-UTI Energy Inc. (PTEN) on Wednesday reported fourth-quarter net income of $62 million.

The Houston-based company said it had profit of 15 cents per share. Earnings, adjusted for one-time gains and costs, came to 19 cents per share.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 18 cents per share.

The provider of onshore contract drilling services posted revenue of $1.58 billion in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $1.5 billion.

For the year, the company reported profit of $246.3 million, or 88 cents per share. Revenue was reported as $4.15 billion.

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