Key Energy Services, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2018; Provides Revenue Outlook for First Quarter of 219
February 25, 2019 at 10:30 pm
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Key Energy Services, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2018. For the quarter, the company's revenues were $117,253,000 against $116,280,000 a year ago. Operating loss was $15,113,000 against $16,074,000 a year ago. Net loss was $23,078,000 against $22,327,000 a year ago. Basic and diluted loss per share was $1.14 against $1.11 a year ago.
For the year, the company's revenues were $521,695,000 against $436,165,000 a year ago. Operating loss was $58,966,000 against $96,180,000 a year ago. Net loss was $88,796,000 against $120,589,000 a year ago. Basic and diluted loss per share was $4.38 against $6.00 a year ago.
For the first quarter of 2019, the company expects revenues to increase from the fourth quarter of 2018 between 1.0% to 5.0%, with further improvement in the following quarter as the company moves past seasonal impacts and its clients execute on their 2019 plans.
Key Energy Services, Inc. is an onshore, rig-based well servicing contractor. The Company provides a range of well services to oil companies and independent oil and natural gas production companies. The Company's segments include Rig Services, Fishing and Rental Services, and Coiled Tubing Services. The Rig Services segment includes the completion of newly drilled wells, workover and recompletion of existing oil and natural gas wells, well maintenance, and the plugging and abandonment of wells. The Fishing and Rental Services segment offers a line of fishing services and rental equipment designed for use in providing both onshore drilling and workover services. The Coiled Tubing Services segment involves the use of metal pipe spooled onto a large reel which is then deployed into oil and natural gas wells to perform various applications.
Key Energy Services, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2018; Provides Revenue Outlook for First Quarter of 219