Pioneer Energy Services Earnings: Here’s Why the Stock is Up Now
Pioneer Energy Services Corp. (NYSE:PES) delivered a profit 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 up 1.29%.
Pioneer Energy Services Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 86.67% to $0.02 in the quarter versus EPS of $0.15 in the year-earlier quarter.
Revenue: Rose 8.08% to $248.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Pioneer Energy Services Corp. reported adjusted EPS income of $0.02 per share. By that measure, the company beat the mean analyst estimate of $-0.04. It beat the average revenue estimate of $232.93 million.
Quoting Management: “We saw steady activity in our Production Services Segment which resulted in improved utilization for all our business units in this segment quarter over quarter,” said Wm. Stacy Locke, President and CEO of Pioneer Energy Services. “Pricing showed modest improvement for well servicing in the second quarter, but was flat to slightly down for wireline services and coiled tubing services.”
Key Stats (on next page)…