NCS Multistage reports Q3 adj. EPS (7c), consensus (3c)
Reports Q3 revenue $60.77M, consensus $60.46M. NCS's CEO, Robert Nipper, commented, "I'm very proud of the tremendous team we have at NCS and the results we were able to deliver during the third quarter. Despite a difficult market environment which, for example, saw the average U.S. land rig count fall by 7% on a sequential basis, we achieved 7% sequential total U.S. revenue growth and our eighth consecutive quarter of sequential U.S. product sales growth. Market conditions in Canada continue to be very challenging, with the average land rig count in the third quarter 37% below last year's levels. By growing our market share in fracturing systems and focusing on cross-selling each of our product and service lines, we limited our year-over-year decline in Canadian revenue to only 10%. We also demonstrated the benefit of our international footprint during the quarter, having provided products or services in Argentina, China, Russia, the Middle East, the North Sea and the UK."