FTS International, Inc. (FTSI) Misses Q1 EPS by 1c, Revenues Beat

FTS International, Inc. (NYSE: FTSI) reported Q1 EPS of ($0.56), $0.01 worse than the analyst estimate of ($0.55). Revenue for the quarter came in at $95.9 million versus the consensus estimate of $77.4 million.

Financial Results

First Quarter 2021 (Successor) Compared to Fourth Quarter 2020 (Combined)

• Revenue was $95.9 million, up from $49.8 million
• Net loss was $7.9 million, compared to net income of $93.3 million, which included a positive contribution from reorganization items of $114.9 million
• Adjusted EBITDA was $7.8 million, compared to $(5.2) million
• Capital expenditures were $5.3 million, compared to $1.8 million
• Adjusted EBITDA less capital expenditures was $2.5 million, compared to $(7.0) million

Michael Doss, Chief Executive Officer, commented “I am incredibly pleased to report that we are back to generating positive adjusted EBITDA as we continue to efficiently and safely provide best-in-class performance to our customers. Our adjusted EBITDA was $7.8 million in the first quarter, a $13 million sequential increase, despite significant operational disruptions from Winter Storm Uri in February.

With the depressed business conditions of 2020 and our financial restructuring behind us, we are focused on the future with several important initiatives, including Machine IQ and fleet automation, as well as responding to our customers’ evolving expectations for lower emissions equipment. We are excited to be on an upward trajectory in terms of operating and financial performance, which we expect will move our adjusted EBITDA to the $11 to $15 million range in the second quarter. Our financial flexibility, operating efficiency, safety record, and innovation have never been better in the history of the Company.”

For earnings history and earnings-related data on FTS International, Inc. (FTSI) click here.

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