ProPetro Holding (NYSE: PUMP) reported Q3 EPS of $0.33, $0.17 worse than the analyst estimate of $0.50. Revenue for the quarter came in at $541.8 million versus the consensus estimate of $509.04 million.

Preliminary Third Quarter 2019 and Recent Highlights

• Total revenue for the quarter was $541.8 million, as compared to $529.5 million for the second quarter of 2019.
• Net income was $34.4 million, or $.33 per diluted share, compared to $36.1 million, or $.35 per diluted share, for the second quarter of 2019.
• Adjusted EBITDA(1) for the quarter was $131.9 million compared to $126.6 million for the second quarter of 2019.
• Effective utilization for the third quarter was 25.1 fleets.
• ProPetro plans to deploy one new-build electrically powered DuraStim® hydraulic fracturing fleet(2) near the end of 2019 or early in 2020 and two additional DuraStim® fleets in 2020.

Dale Redman, Chief Executive Officer, commented, “Operationally the ProPetro team performed well for yet another quarter. We continue to be extremely proud of our team’s ability to perform at the wellsite and provide our customers with truly differentiated service quality. We remain confident in our ability to execute at the highest level, even in periods of industry uncertainty.”

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