Before the market open on Thursday, the oil and natural gas contract drilling company reported a loss of 14 cents per share, compared to Wall Street's estimates for a loss of 20 cents.
Revenue fell by about 54% year-over-year to $172.3 million, missing analysts' forecasts for revenue of $179.34 million.
The company paid a pre-tax write-down of $458.3 million during the quarter due to lower commodity prices, Unit said.
"Without question 2015 has been a very challenging year, and 2016 is not starting off any better," CEO Larry Pinkston said in a statement. "We have been through many of these cycles and have survived to see the benefit of a return to better times. We intend to do so again."
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates this stock as a "sell" with a ratings score of D. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: UNT