Union Drilling sinks 16% after Q2 earnings plummet

Shares of Union Drilling Inc. (Nasdaq:UDRL) have shed 16% today after it reported after Thursday’s close its second quarter net income had dropped 63% from a year ago. For the quarter ended June 30, net income was $3.4 million, or $0.15 per share, compared with $9.2 million, or $0.42 a share, for the same quarter a year earlier. Revenues grew $75.4 million from $74.2 million a year ago. The Fort Worth-based company said results were impacted by a $1 million loss on disposal assets, compared with a $1 million gain in the prior year.

At 11:04 a.m. ET, shares are at $16.10, down $3.16 from Thursday’s close. Trading volume is well below average. During the past year, shares have ranged from $10.67 to $22.73.

For detailed price information and recent news stories about Union Drilling Inc., click UDRL.

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