NEW YORK, September 11, 2015 /PRNewswire/ --
ACI Association has initiated research coverage on Parker
Drilling Co. (NYSE: PKD). Select highlights from the internally
released reports are being made available to the general public
(included below), with access to the entirety of the research
available to new members.
Today, membership is open to readers on a complementary basis at
the following URL:
http://www.aciassociation.com/reports?keyword=PKD
Highlights from our PKD Report include:
- Financial Highlights - On August
04, 2015, Parker Drilling Company announced its financial
results for the second quarter of 2015. The Company reported
revenues of $185.9 million for Q2
2015, as compared to $204.1 million
in the previous quarter. Gross margin was 22.8%, lower than 31.8%
for the prior quarter. Adjusted EBITDA for the quarter was reported
at $32.8 million, compared with
$53.4 million for the preceding
quarter. Net loss for the period came in at $14 million or 11
cents per diluted share, compared to net income of
$3.2 million or 3 cents per diluted share in the last
quarter.
- Segment Performance - The Company's
Drilling Services business generated revenues of $121.8 million for the quarter, down 5% from Q1
2015 revenues of $128.0 million. In
the Drilling segment, the U.S. (Lower 48) Drilling reported
revenues of $6.8 million, down 51.4%
QoQ, while the International & Alaska Drilling contributed
$115 million in revenues, up 1%
sequentially. The Rental Tools Services segment revenues were
$64.1 million during the second
quarter, down 16% from $76.1 million
in Q1 2015.
- Outlook - During the second half of the fiscal,
the Company believes that its Rental Tools business in the U.S.
will continue to directionally follow the rig count. For the
International Rental Tools business, the Company continues to
expect margins to be better than last year despite increasing
market headwinds, while for the U.S. (Lower 48) Drilling segment,
the activity is expected to remain at current levels. Further, the
Company said that lower utilization is likely to put downward
pressure on the International & Alaska Drilling segment.
- Management Commentary - Gary Rich, Chairman, President and CEO of the
Company, said that results in Q2 were down vis-à-vis Q1 as the
Company experienced lower drilling activity. He pointed out that
the Gulf of Mexico barge rig
business continued to be the most adversely impacted by the
prevalent market conditions, however, the Company has continued to
reduce its cost structure. He added that while the Company's
international businesses were also lower sequentially, they
remained less impacted relative to the U.S. businesses. Finally, he
concluded by saying that the Company remains focused on strong cost
management and maintaining positive free cash flow, while seeking
growth opportunities that might arise in this environment.
To find out how this influences our rating on Parker Drilling
Co. read the full report in its entirety here:
http://www.aciassociation.com/reports?keyword=PKD
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