C&J Energy Services, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Provides Capital Expenditure Guidance for the Fourth Quarter and Revises Capital Expenditure Guidance for the Year 2018
For the nine months, the company reported revenue of USD 1,731,445,000 against USD 1,146,989,000 a year ago. Operating income was USD 60,611,000 against operating loss of USD 43,240,000 a year ago. Net income was USD 59,522,000 against net loss of USD 34,539,000 a year ago. Net income per common share - basic and diluted was USD 0.89 against net loss per common share - basic and diluted of USD 0.57 a year ago. Net cash from operating activities was USD 200,297,000 against net cash used in operating activities of USD 60,834,000 a year ago. Purchases of and deposits on property, plant and equipment was USD 244,263,000 against USD 151,445,000 a year ago. Income before income taxes was USD 57,065,000 against loss before income taxes of USD 43,295,000 a year ago. EBITDA was USD 221,825,000 against USD 58,690,000 a year ago. Adjusted EBITDA was USD 234,263,000 against USD 73,592,000 a year ago.
The company expects fourth quarter of 2018 capital expenditures to decline and its revised 2018 capital expenditure budget is expected to range between USD 315 million and USD 325 million. Earnings estimate has been decreased to loss of USD 0.04 per share a decrease from the previous forecast of loss of USD 0.02 per share.