Quintana Energy Services reports Q3 EPS (7c), consensus 10c
Reports Q3 revenue $150.9M, consensus $154.4M. CEO Rogers Herndon says: "Our third quarter was negatively impacted by pricing pressure and activity headwinds on the completions side of our business, primarily in Pressure Pumping and Wireline. However, in Directional Drilling we continued to capture market share, increase margins and saw sequential increases in both utilization and pricing. As we start the fourth quarter we are seeing notable improvements in our Pressure Pumping activity levels versus the third quarter. Directional Drilling continues to realize market share gains and is focused on increasing margins. In Pressure Control, we will begin to realize the benefit from the activity of our two additional large diameter coil tubing units delivered in early November. We are making the needed adjustments to our Wireline offering this quarter and will begin to realize the improvements by the end of the year."