HOUSTON--(BUSINESS WIRE)--Quintana Energy Services Inc. (NYSE: QES) (“QES” or the “Company”) today reported financial and operating results for the first quarter ended March 31, 2018.
First Quarter 2018 Financial Highlights
First quarter 2018 revenue grew 8% to $141.3 million, up from $130.9 million in the fourth quarter of 2017. First quarter 2018 net loss was $16.4 million and Adjusted EBITDA was $15.5 million, compared to a net income of $2.1 million and Adjusted EBITDA of $18.8 million for the fourth quarter of 2017. In the first quarter of 2017, revenue was $85.4 million, net loss was $11.7 million and Adjusted EBITDA was $4.0 million. See “Non-GAAP Financial Measures” at the end of this release for a discussion of Adjusted EBITDA and its reconciliation to the most directly comparable financial measure calculated and presented in accordance with U.S. generally accepted accounting principles (“GAAP”).
Rogers Herndon, QES’ President and Chief Executive Officer, stated, “As expected, our first quarter results were impacted by some transient events that negatively impacted our utilization levels and compressed margins. Still, we achieved commendable revenue gains and exited the first quarter at a strong activity level. We believe that the macroeconomic outlook continues to exhibit momentum building around anticipated drilling and completion activities, which is a reliable indicator of the overall demand for our services. We enter the second quarter looking to increase profitability through strong project execution and higher activity levels.”