ProPetro Holding (PUMP) Tops Q4 EPS by 3c, Revenues Beat
ProPetro Holding (NYSE: PUMP) reported Q4 EPS of $0.59, $0.03 better than the analyst estimate of $0.56. Revenue for the quarter came in at $425.4 million versus the consensus estimate of $416.28 million.
Fourth Quarter 2018 Highlights
- Total revenue was $425.4 million as compared to the $434.0 million in the third quarter 2018.
- Grew net income to $51.8 million, a 12% increase from $46.3 million in the previous quarter.
- Adjusted EBITDA(1) increased 9% to $112.4 million from $103.3 million in the third quarter.
- Deployed one new-build frac fleet 45,000 HHP, bringing total year-end HHP to 905,000.
- Closed transaction with Pioneer on December 31, 2018, bringing company-wide/total HHP to 1,415,000 HHP.
Dale Redman, Chief Executive Officer, commented, “We are extremely proud of our results for 2018, and appreciate the outstanding efforts of our best-in-class team as they competed at the highest-level in what proved to be another pivotal year for the Permian Basin. As important, I want to thank our customers, supply chain partners, and other key stakeholders for their important contributions to our success. Underpinning our outperformance in 2018 was a resilient long-term model of providing unrivaled execution at the wellsite for the benefit of our customers, and we look forward to continued close collaboration in their ongoing efforts. Finally, we are very excited to have announced and closed on our strategic transaction and service agreement with Pioneer and would like to once again welcome all of our new teammates to the ProPetro team.”
Outlook
Mr. Redman concluded, “As our customer base and other producers in the Permian continue to move toward full manufacturing mode in the Permian, we are pleased with the activity and efficiency levels we have seen in our operations to date in 2019. We will continue to focus on outperforming customer expectations while staying within their required project economics, as well as look for opportunities to further enhance our proven model of success.”
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