Nine Energy Services (NYSE: NINE) reported Q1 EPS of $0.08, $0.02 worse than the analyst estimate of $0.10. Revenue for the quarter came in at $173.81 million versus the consensus estimate of $165.76 million.

Nine’s President and Chief Executive Officer, Ann Fox, commented, “Nine continues to capitalize and execute on the improving macro backdrop, increasing adjusted EBITDA by 29% quarter over quarter and generating $17.3 million in cash flow from operations despite a use of net working capital due to growing revenue by 13%. North American land activity and completion complexity continue to increase, allowing the Company to differentiate through wellsite execution and a comprehensive technology portfolio. By having both the conveyance and the tools, we provide a differentiated and sustainable value proposition to our customers by driving efficiencies and increasing production.”

“The Completion Solutions Segment continues to drive growth for Nine. Completion Solutions revenue grew approximately 15% quarter over quarter despite no additional equipment coming online during the first quarter of 2018, but rather was driven by a significant increase in utilization and profitability across all service lines. We anticipate this trend will continue into the second quarter. Nine’s Scorpion Plugs continue to gain market share and we are still running field trials for the EON XLR frac sleeve and casing flotation tools.”

“We remain very optimistic on North American shale as macro fundamentals continue to improve. Our disciplined approach to deploying capital has allowed us to navigate the labor and supply chain constraints within the industry and maintain our service execution at the wellsite, while still delivering substantial financial growth. ROIC remains at the forefront for measuring Company performance and guiding Management decision-making. Our 8% ROIC target for 2018 is on track. We are anticipating our sixth sequential quarter of revenue and adjusted EBITDA growth into the second quarter of 2018 and remain focused on supplementing our completions technology portfolio through our three-pronged strategy.”

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