Quintana Energy Services (QES) Misses Q2 EPS by 5c, Revenues Beat

Quintana Energy Services (NYSE: QES) reported Q2 EPS of $0.06, $0.05 worse than the analyst estimate of $0.11. Revenue for the quarter came in at $152.5 million versus the consensus estimate of $149.4 million.

Rogers Herndon, QES’ President and Chief Executive Officer, stated, “We entered the second quarter looking to increase profitability through strong operational execution and higher activity levels, and I am pleased to report we achieved both. Compared to our first quarter results, consolidated revenue and Adjusted EBITDA grew 7.9% and 15.5%, respectively. Two of our segments demonstrated significant operating leverage during the second quarter. Directional Drilling revenue grew 16.0% and Adjusted EBITDA grew over 100.0%, primarily due to pricing and utilization. Pressure Control revenue increased 14.3% and Adjusted EBITDA grew approximately 51.4% as a result of improvements in pricing, utilization, full quarter impact from large diameter coiled tubing unit converted in Q1 and increased well control activity during the quarter. Additionally, Pressure Pumping deployed its fourth hydraulic fracturing fleet into service on schedule and below budget in June 2018."

“We are excited about our future and believe we are well positioned for continued growth. Operationally, we are in process of converting two additional large diameter coiled tubing units by the fourth quarter of this year and still plan to take delivery of a new 2.625" coil unit in late Q3. In the meantime, we will continue to focus on operational execution, build on the diversification of our four operating platforms, actively manage our capital expenditure allocation program, improve cash flows, and leverage future acquisition opportunities,” added Herndon.

For earnings history and earnings-related data on Quintana Energy Services (QES) click here.

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