U. S. Well Services, Inc. (USWS) Misses Q1 EPS by 17c, Revenues Beat
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U. S. Well Services, Inc. (NASDAQ: USWS) reported Q1 EPS of ($0.35), $0.17 worse than the analyst estimate of ($0.18). Revenue for the quarter came in at $76.26 million versus the consensus estimate of $68.6 million.
"U.S. Well Services delivered another strong quarter, redeploying four fleets to meet the growing demand for our services," commented Joel Broussard, U.S. Well Services' President and CEO. "Our operations in Texas were impacted by the severe winter storm in February that resulted in an average of seven days of lost work for seven of our active fleets. In spite of these challenges, our team performed exceptionally, delivering best-in-class service for our customers."
"Hydraulic fracturing activity accelerated throughout the first quarter, which resulted in a significant number of fleet reactivations across the industry. In the current market, demand remains highest for fleets using next-generation, low-emission technology. U.S. Well Services' proprietary Clean Fleet® technology offers best-in-class fuel cost and greenhouse gas emissions reductions, and as such, continues to experience elevated demand."
As anticipated, the first quarter of 2021 saw a sharp uptick in activity across the industry as E&P producers responded to higher crude oil prices. U.S. Well Services expects E&P operators to demonstrate capital discipline going forward, which may limit demand for incremental fracturing fleets in the near term.
While the active fleet count in the U.S. recovered along with the broader oil and gas market, pricing for conventional diesel-powered frac services has lagged. This segment of the market remains oversupplied and faces unsustainable pricing levels. U.S. Well Services has been actively working with its customers to begin implementing price increases during the second quarter of 2021. The Company is committed to operating with discipline and will only maintain fleets that are priced to meet return and cash flow objectives.
For earnings history and earnings-related data on U. S. Well Services, Inc. (USWS) click here.
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