Nine Energy Services reports Q1 adjusted EPS 76c, consensus 22c
Reports Q1 revenue $229.7M, consensus $226.92M. "The first quarter was in-line with what we anticipated, with both revenue and adjusted EBITDA falling at the midpoint or above of Management's original guidance range," said Ann Fox, President and Chief Executive Officer, Nine Energy Service. "Activity was steady across the majority of our service lines, with our cementing division outperforming the market as we continue to gain market share through the combination of technical slurry development and execution at the wellsite. Pricing within the portfolio has stabilized with the recovery in oil prices and we believe the worst is behind us. We remain extremely positive around the dissolvable plug thesis as operators continue the development of large-scale well pad programs, adding complexity to the completion process and reinforcing an extreme focus on efficiencies and reducing cycle times."