Nuverra Environmental (NES) Reports Q3 Loss of $0.39

Nuverra Environmental (NYSE: NES) reported Q3 EPS of ($0.39), versus $0.61 reported last year. Revenue for the quarter came in at $43.1 million, versus $49.66 million reported last year.

SUMMARY OF QUARTERLY RESULTS

• Third quarter revenue was $43.1 million, a decrease of approximately 4.7%, or $2.1 million, when compared with revenue of $45.2 million in the second quarter of 2019.
• When compared to the same period in the prior year, third quarter revenue decreased 13.2%, or $6.6 million.
• Net loss for the third quarter was $6.1 million as compared to net losses of $5.0 million in the second quarter of 2019 and $7.1 million in the third quarter of 2018.
• Adjusted EBITDA for the third quarter was $4.6 million, a decrease of $0.7 million compared with $5.3 million in the second quarter of 2019.
• Adjusted EBITDA for the third quarter increased by $0.6 million over the same period in the prior year.
• Total liquidity available as of September 30, 2019 was $19.9 million.

“In the third quarter of 2019, we are seeing more of the effects of the industry slowdown on our revenues,” said Charlie Thompson, Chief Executive Officer. “The biggest impacts were felt in the Rocky Mountain division third party trucking, lay flat and landfill businesses. Fewer fracs and flowbacks in our geographies impacted the third party business and we saw less drilling near our landfill. The Northeast division continued to be impacted by the reuse trend and the Haynesville market saw declining activity with the lower natural gas prices. Related to this decline in activity is greater pricing pressure from our customers and our competitors. We continue to work on cost reduction measures and operating efficiencies and are accelerating those measures as we start the fourth quarter. We have noticed an increase in Northeast disposal volumes since the middle of September and are optimistic that trend will continue in the fourth quarter. We expect continued pressure in the Rocky Mountain and the Southern divisions, but are focused on efficient customer service and safety to preserve customer relationships.”

For earnings history and earnings-related data on Nuverra Environmental (NES) click here.

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