Quintana Energy Services Reports First Quarter 2018 Results

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.”

Quintana Energy Services Inc. Prices Initial Public Offering

HOUSTON, Feb. 8, 2018 /PRNewswire/ -- Quintana Energy Services Inc. (NYSE: QES) ("QES" or the "Company") announced today the pricing of its initial public offering of 9,259,259 shares of its common stock at $10.00 per share (the "Offering"). The shares are expected to begin trading on February 9, 2018 on the New York Stock Exchange under the ticker symbol "QES." In addition, the Company has granted the underwriters of the offering a 30-day option to purchase up to an additional 1,388,889 shares of the Company's common stock at the initial public offering price, less underwriting discounts and commissions. The Offering is expected to close on February 13, 2018, subject to customary closing conditions.

Oilfield Services Provider Quintana Energy Services Files for a $100 Million IPO

Quintana Energy Services, which provides diversified well services to onshore oil and gas E&Ps, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering. 

Quintana's primary services include directional drilling services (36% of 1Q17 sales), pressure pumping (31%), pressure control (22%) and wireline (11%).  

The Houston, TX-based company was founded in 2006 and booked $234 million in sales for the 12 months ended March 31, 2017. It plans to list on the NYSE under the symbol QES. Barclays, Citi, Simmons & Co., Stephens Inc., Tudor, Pickering, Holt & Co., BofA Merrill Lynch and Evercore ISI are the joint bookrunners on the deal. No pricing terms were disclosed.

Hilltop Private Capital Creates American Track Services through the Simultaneous Acquisitions of American Track Generations and C.J. Bridges Railroad Contractor

NEW YORK, November 19, 2016, PRWeb -- Hilltop Private Capital (“Hilltop”), a New York-based private equity firm investing in lower middle market companies, today announced the creation of American Track Services through its investments in American Track Generations (“ATG”) and C.J. Bridges Railroad Contractor (“CJB”) (together, the “Company” or "ATS"). The combination creates a leading provider of a range of rail inspection, maintenance, repair, and design and construction services, primarily to private installations including industrial, municipal, and logistics sites throughout the southern United States.