Key Energy Services Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017: Provides CapEx Guidance for the Fourth Quarter of 2017
November 08, 2017 at 06:21 pm EST
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Key Energy Services Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported revenues of $110,653,000 compared to $102,406,000 for the same period a year ago. Operating loss was $34,744,000 compared to $109,588,000 for the same period a year ago. Loss before tax income taxes was $38,316,000 compared to $130,862,000 for the same period a year ago. Net loss was $38,220,000 compared to $130,752,000 for the same period a year ago. Loss per share, basic and diluted was $1.90 compared to $0.81 for the same period a year ago. LBITDA was $9,294,000 compared to $76,379,000 for the same period a year ago. Adjusted EBITDA was $639,000 compared to adjusted LBITDA of $14,406,000 for the same period a year ago. Capital expenditures for the third quarter of 2017 were $2.4 million. Cash flow used in operations was $21.4 million for the third quarter as compared to $14.5 million used in the second quarter of 2017.
For the nine months, the company reported revenues of $319,885,000 compared to $308,506,000 for the same period a year ago. Operating loss was $80,106,000 compared to $242,261,000 for the same period a year ago. Loss before tax income taxes was $99,500,000 compared to $305,657,000 for the same period a year ago. Net loss was $98,262,000 compared to $305,168,000 for the same period a year ago. Loss per share, basic and diluted was $4.89 compared to $1.90 for the same period a year ago. Capital expenditures were $9.6 million.
The company expected CapEx to be around $5 million in the fourth quarter of 2017.
Key Energy Services, Inc. provides an array of energy production solutions and services. The Companyâs solutions include well servicing, fishing and rental services and cementing and abandonment. Its fleet of rigs includes a range of classes for production, including completion services. Each rig is available with ancillary equipment to help meet clients' needs. It offers a full line of services and rental equipment to enhance the value of its customers' oil and gas wells. Its rental equipment includes reverse units, drill pipe, tubulars, laydown machines, power swivels, foam air units, fishing and completion tools and others. Its P&A package provides all the equipment necessary to plug and abandon a well, all from a single service provider.
Key Energy Services Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017: Provides CapEx Guidance for the Fourth Quarter of 2017