UPDATE: ProPetro Holding (PUMP) Q1 Revenue Beats
ProPetro Holding (NYSE: PUMP) reported Q1 EPS of ($0.08), may not compare the analyst estimate of $0.20. Revenue for the quarter came in at $395.1 million versus the consensus estimate of $390.56 million.
- Net income was negatively affected during the first quarter by goodwill and asset impairment expenses of $16.7 million.
Outlook:
Mr. Gobe concluded, “We were once again impressed by the performance and execution of our team throughout the first quarter despite the adversity brought on by the deteriorating commodity price environment. Consistent with other oilfield service providers, we have experienced further decreases in activity levels during the second quarter. Our current view is that onshore completion activity will remain at a reduced level in the second half of the year as the over-supply of crude oil is absorbed by increasing demand as economic activity recovers.
“We remain committed to our premier service quality and execution, which we believe positions us favorably in the Permian Basin, the premier resource play in North America. We believe our deep customer relationships will prove critical as we navigate through this challenging period, and we look forward to serving them for many years to come. In addition, I would like to thank our employees, supply chain partners and shareholders for their ongoing support.”
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