Mammoth Energy Services (NASDAQ: TUSK) reported Q1 EPS of $1.24, versus $1.60 reported last year. Revenue for the quarter came in at $494.2 million versus the consensus estimate of $453.53 million.

Key Highlights for the First Quarter 2018:

• Total revenue was $494.2 million for the three months ended March 31, 2018, up 34% sequentially from $369.0 million for the three months ended December 31, 2017 and up 559% from $75.0 million for the three months ended March 31, 2017.
• Net income for the three months ended March 31, 2018 was $55.5 million, a $10.4 million decrease from $65.9 million for the three months ended December 31, 2017 and an improvement of $60.5 million from a net loss of $5.0 million for the three months ended March 31, 2017. The three months ended December 31, 2017 included a provisional benefit of $31.0 million due to changes in tax policy as a result of the Tax Cut and Jobs Act (“Tax Act”).
• Adjusted EBITDA (as defined and reconciled below) was $130.8 million for the three months ended March 31, 2018, up 18% sequentially from $110.5 million for the three months ended December 31, 2017 and up 1,037% from $11.5 million for the three months ended March 31, 2017.
• Reduced debt to $39.0 million as of March 31, 2018, which is down $60.9 million from December 31, 2017.
• Executed two amendments to Mammoth subsidiary Cobra Acquisitions LLC's contract with the Puerto Rico Electric Power Authority ("PREPA") to aid in the restoration of the electric utility infrastructure in Puerto Rico, increasing the total contract value to approximately $945 million, up from $200 million originally.
• Completed the expansion of Mammoth subsidiary Taylor Frac LLC's sand facility, increasing company-wide functional sand production capacity to approximately 4.0 million tons per year, up from 3.0 million tons per year at December 31, 2017.

Arty Straehla, Mammoth's Chief Executive Officer, stated, "The first quarter was challenging due to several factors including harsh working environments, severe winter weather and logistics issues, but our teams were able to overcome these obstacles and continue to execute at a high level. The first quarter of 2018 was our third sequential record quarter on an EBITDA basis, which was underpinned by the hard work performed by our teams in Puerto Rico. Debt was reduced by $61 million during the quarter, despite spending approximately $36 million on growth capital, highlighting our significant cash flow. The outlook for all of our operating divisions is strong and we intend to continue to grow both organically and through accretive acquisitions."

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