Parker Drilling posts sharp decline in 3rd-quarter profit but tops Wall Street forecast

Parker Drilling posts decline in 3rd-qtr profit

HOUSTON — Parker Drilling Co. said Tuesday its third-quarter profit fell sharply on lower revenue as the industry continued to remain weak, but the oil drilling contractor still posted better-than-expected results.

Parker Drilling reported net income of $7.1 million, or 6 cents per share, down from $17.8 million, or 16 cents per share, during the same period last year. Excluding non-routine items, Parker Drilling reported an adjusted profit of $4.4 million, or 4 cents per share.

Analysts polled by Thomson Reuters forecast a profit of a penny per share. Analyst estimates typically exclude one time items.

Quarterly revenue fell 20 percent to $181.4 million, down from $227.5 million. Analysts projected revenue of $169.8 million.

“Business activity may have neared the bottom in the third quarter, and there are tentative signs that improvement is under way,” Executive Chairman Robert Parker said in a statement.

Shares of the company fell 8 cents to $5.08 in midday trading.