U. S. Well Services, Inc. (USWS) Misses Q3 EPS by 16c, Revenues Miss

November 5, 2020 5:13 PM EST
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U. S. Well Services, Inc. (NASDAQ: USWS) reported Q3 EPS of ($0.28), $0.16 worse than the analyst estimate of ($0.12). Revenue for the quarter came in at $44.04 million versus the consensus estimate of $49.75 million.

Third Quarter 2020 Highlights

  • Averaged 4.2 fully-utilized fleets compared to 3.4 fully-utilized fleets during the second quarter of 2020
  • Total revenue of $44.0 million compared to $39.8 million in the second quarter of 2020
  • Net loss attributable to the Company of $15.9 million compared to net loss of $18.1 million in the second quarter of 2020
  • Adjusted EBITDA(1) of $7.9 million compared to $8.5 million in the second quarter of 2020
  • Reported annualized Adjusted EBITDA per fully-utilized fleet of $7.5 million compared to $10.0 million for the second quarter of 2020(2)
  • Total liquidity, consisting of cash and availability under the Company's asset-backed revolving credit facility, was $11.8 million as of September 30, 2020

"U.S. Well Services once again posted solid financial results despite persistent market headwinds," said Joel Broussard, President and CEO of U.S. Well Services. "Our team remains focused on innovating and delivering results for our customers, which we believe is the foundation of the Company's strong performance in such a difficult business environment.

"The resumption of completions activity accelerated in third quarter of 2020, steadily rebounding off the recent historic low levels experienced during the first half of 2020. Although market conditions remain challenging, we are actively evaluating opportunities to return fleets to work and continue to benefit from strong demand for next-generation electric fracturing services."

Outlook

The ongoing COVID-19 pandemic continues to drive economic uncertainty and diminished global demand for crude oil. In light of this market backdrop, we expect that hydraulic fracturing activity will increase modestly during the fourth quarter of 2020 with no material improvement in service pricing, and that conditions will begin to improve in 2021.

U.S. Well Services believes it is well positioned to benefit from a recovery in hydraulic fracturing activity. E&P operators currently face both a depressed commodity price environment as well as mounting pressure to demonstrate adherence to strong environmental, social and governance practices. As such, E&P customers seek partnerships with service companies that can provide advanced equipment and technology that enhance efficiency while reducing the environmental impact of hydraulic fracturing. Our next-generation electric fracturing technology and proprietary data analytics platform offer customers a unique value proposition that we believe will continue to drive demand for our services.

For earnings history and earnings-related data on U. S. Well Services, Inc. (USWS) click here.



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