FTS International reports Q3 EPS (10c), consensus 1c
Reports Q3 revenue $186M, consensus $202.37M. Average active fleets during Q3 was 19.8 and FTS ended the quarter with 18 fleets active The company said, "The pressure pumping market remains oversupplied and ultra-competitive due to higher completions efficiencies and E&P capital discipline. As a result, we are directing our attention toward what we can control including providing outstanding service quality to our customers, intelligently managing our costs, and maintaining strong liquidity. We have conducted a comprehensive cost review and right-sizing of the business for the current environment and expect to generate meaningful cash flow savings in the coming quarters. In the third quarter, we reduced our long-term debt to $456.6 million, a decrease of $15.6 million and we reduced our net debt to $255.7 million, a decrease of $58.1 million."