Pioneer Energy Services Earnings: Here’s Why the Stock is Down Now
Pioneer Energy Services Corp. (NYSE:PES) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.82%.
Pioneer Energy Services Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.02 in the quarter versus EPS of $0.24 in the year-earlier quarter.
Revenue: Decreased 0.98% to $229.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Pioneer Energy Services Corp. reported adjusted EPS loss of $0.02 per share. By that measure, the company beat the mean analyst estimate of $-0.03. It beat the average revenue estimate of $226.12 million.
Quoting Management: “Our new-build drilling rig program is now complete, with 10 new-build rigs fully deployed and generating strong margins under multi-year contracts,” said Wm. Stacy Locke, President and CEO of Pioneer Energy Services. “We also had all eight of our drilling rigs working in Colombia. Our strong performance record with our customer in Colombia has led to term contract extensions for six rigs through the end of the year.”
Key Stats (on next page)…