ProPetro Holding (PUMP) Misses Q3 EPS by 4c, Revenues Miss

ProPetro Holding (NYSE: PUMP) reported Q3 EPS of ($0.29), $0.04 worse than the analyst estimate of ($0.25). Revenue for the quarter came in at $133.7 million versus the consensus estimate of $138.2 million.

Phillip Gobe, Chief Executive Officer, commented, “We were pleased to see improvement in activity for the third quarter as compared to the second quarter amid uncertain market conditions. Given this environment, I am extremely proud of the resilience of the ProPetro team. Their focus on providing best-in-class execution at the wellsite continues to benefit the development efforts of our blue-chip customer base. Our performance on location has allowed us to maintain market share at levels similar to the beginning of this year, while also generating free cash flow. We are excited to be redeploying our people and equipment as we continue to develop a more efficient customer-driven completions solution. I would like to thank our customers, team members and other industry stakeholders for their efforts to move the oilfield forward and develop a more cohesive and efficient completions solution.”

Outlook

Mr. Gobe concluded, “Looking to the fourth quarter, we expect our effective fleet utilization levels to remain flat with the third quarter exit rate, where we sit today. Taking a longer view, we expect oilfield service activity to improve as global supply and demand for crude oil becomes more balanced. We will seek to continue to further differentiate ProPetro from its peers based on the qualities we have developed carefully over the past 15 years, including leveraging our cycle-proven business model of developing and retaining a highly talented work force, maintaining a conservative balance sheet, and remaining squarely-focused on our mutual long-term success with a roster of the industry’s leading operators.”

For earnings history and earnings-related data on ProPetro Holding (PUMP) click here.

You May Also Be Interested In

• Are we witnessing a fundamental or speculative rally in the S&P 500?
• Broadcom results, guidance beat on soaring AI chip sales; stock slips after hours
• Petco Health and Wellness (WOOF) Misses Q1 EPS by 6c