Keane Group (FRAC) Reports In-Line Q2 EPS, Revenues Beat

Keane Group (NYSE: FRAC) reported Q2 EPS of $0.28, in-line with the analyst estimate of $0.28. Revenue for the quarter came in at $578.5 million versus the consensus estimate of $556.88 million.

Results and Recent Highlights

• Reported second quarter 2018 revenue of $578.5 million, compared to first quarter 2018 of $513.0 million
• Realized second quarter 2018 net income of $30.7 million, compared to first quarter 2018 net loss of $8.2 million
• Achieved second quarter 2018 Adjusted EBITDA of $111.3 million, compared to first quarter 2018 of $91.3 million
• Reported annualized Adjusted Gross Profit per fleet of $20.0 million, compared to first quarter 2018 of $17.0 million
• Averaged 26.3 deployed hydraulic fracturing fleets during second quarter 2018; exited quarter with 27 deployed fleets
• Newbuild fleet 28 deployed in July; entered dedicated agreement for fleet 29 to be deployed in fourth quarter of 2018
• Completed second quarter 2018 stock repurchases of $40.1 million; Board authorized program reset to $100 million
• In July 2018, acquired approximately 90,000 HHP for cash consideration of $34.6 million

“Our business continues to perform at a high level,” said James Stewart, Chairman and Chief Executive Office of Keane. “Our strong second quarter results were driven by leading execution and utilization, the deployment of additional horsepower at attractive pricing, and the abatement of transitory issues impacting the industry during the first quarter. Our dedicated fleet model of partnering with top-tier customers continues to prove its strength and resilience, differentiating our business and its outlook.”

“Ahead of our previous guidance, we increased average annualized gross profit per fleet to $20 million during the second quarter,” said Greg Powell, President and Chief Financial Officer of Keane. “Our ability to deliver is supported by the caliber of our customers and their shared commitment to safety, efficiency, and returns.”

For earnings history and earnings-related data on Keane Group (FRAC) click here.

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