Ranger Industries, Inc. (NYSE: RNGR) reported Q2 EPS of ($0.08), $0.14 worse than the analyst estimate of $0.06. Revenue for the quarter came in at $73.1 million versus the consensus estimate of $72.6 million.

CEO Commentary

"Ranger continued its momentum of improving results in the second quarter delivering an 87% sequential increase in Adjusted EBITDA. All segments of our business experienced top line growth driven by higher utilization, improved pricing and select asset additions.

Ranger’s ongoing focus on shale completion activity continues to pay dividends, driving improved results. Our High Spec Rigs again experienced increasing demand from completion related activity. Our Permian Wireline Completions business continues to operate on a 100% dedicated basis with an average unit count of seven during the quarter, up from five in the first quarter. And finally, our Processing Solutions Group experienced a 38% increase in sequential top-line growth driven by additional assets placed into service, and contract roll-overs to higher rates that are more reflective of the current commodity price environment.

During the quarter we strengthened our liquidity position with the previously announced $40 million secured debt facility.

Looking forward we remain excited about the opportunities ahead of us. As customers continue to focus on completion efficiency, we expect the service market to see ongoing segregation based on operational performance and total value. We believe our talented work-force and purpose-built asset base are delivering the value that our customers need, driving continued demand for our services and fueling future investment opportunities."

For earnings history and earnings-related data on Ranger Industries, Inc. (RNGR) click here.