ProPetro (PUMP) Q2 Earnings Miss, Sales Surpass Estimates

Zacks Investment Research | Aug 18, 2019 09:10PM ET

ProPetro Holding Corporation (NYSE:PUMP) reported mixed second-quarter 2019 results, wherein earnings missed the Zacks Estimate but revenues topped the same.

Its net income per share came in at 35 cents, lagging the Zacks Consensus Estimate of 66 cents and declining from the year-ago figure of 45 cents. Lower adjusted EBITDA from the pressure pumping division and high costs led to underperformance. To be precise, adjusted EBITDA from the pressure pumping unit came in at $131 million, missing the consensus estimate of $138 million.

Total adjusted EBITDA in the second quarter amounted to $126.6 million, increasing substantially from $96 million a year ago but declining from $150.3 million recorded in the first quarter. In the reported quarter, ProPetro’s adjusted EBITDA margin was 23.9% compared with 21% and 27.5% recorded in second-quarter 2018 and first-quarter 2019, respectively.

The company’s revenues of $529.5 million improved 15.1% year over year and outpaced the Zacks Consensus Estimate of $524 million.

ProPetro Holding Corp. Price, Consensus and EPS Surprise

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Written By: Zacks Investment Research

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