ProPetro Holding (NYSE: PUMP) reported Q4 EPS of $0.22, $0.10 worse than the analyst estimate of $0.32. Revenue for the quarter came in at $434.8 million versus the consensus estimate of $403.95 million.

Fourth Quarter 2019 Highlights

• Total revenue was $434.8 million as compared to the $541.8 million in the third quarter of 2019.
• Net income was $22.7 million, a 34% decrease from $34.4 million in the previous quarter.
• Adjusted EBITDA(1) decreased 16% to $110.3 million from $131.9 million in the third quarter of 2019.
• Effective utilization for the quarter was 19.2 fleets.

Phillip Gobe, Chief Executive Officer, commented, “Even in light of current market conditions, we look forward to continued collaboration with our customers in an effort to increase efficiencies for us and our customers. I want to thank the ProPetro team, along with our customers, supply chain partners, and other key stakeholders for another strong year in 2019.”

Outlook

Mr. Gobe concluded, “In recent weeks we have seen severe disruptions not only to our business but also to our global economy. The onset of the COVID-19 pandemic paired with an unprecedented oil price environment has caused significant changes to the activity of customers and therefore our own activity. These same dynamics are also having a severe negative impact on pricing for our services. As announced last week, we have implemented a number of strategic actions to align our cost structure to better reflect currently expected lower activity levels. In this volatile and unpredictable environment, our team will remain focused on serving our employees and customers in order to maintain or produce value for all of our stakeholders.”

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