Houston, Tex.-based turnkey midstream infrastructure solutions firm Exterran Corp. (EXTN:NYSE), which provides products and services to oil & gas, water and power services companies, today provided a fourth quarter 2019 operational update.
Exterran Corp.'s President and CEO Andrew Way commented, "Despite the difficult market conditions experienced in 2019, we finished the year strong with fourth quarter EBITDA, as adjusted, at the high end of what we had anticipated, while meaningfully lowering our debt levels compared to the third quarter. On top of this, 2020 is off to a very strong start as bookings to date have already exceeded $400 million, driven largely by international markets. This exceeds the aggregate volume of product awards received in 2019."
The company reported preliminary results for Q4/19 of revenue between $265 million to $275 million. The firm stated that gross margin would be in the range of $80-85 million and that SG&A expenses were $36-38 million in the quarter.
The firm indicated that it had product sales bookings of $109 million with cash of $17 million on hand. Total debt outstanding was listed at $444 million.
CEO Way added, "We will provide additional details on our fourth quarter conference call on the year ahead along with the progress we have made in regards to our strategic review process regarding our U.S. compression manufacturing business."
The company advised in the report that "it is close to finalizing its review regarding options for its U.S compression fabrication business, and as a result expects to report in its fourth quarter results non-cash asset impairment charges."
Exterran is headquartered in Houston, Tex., and describes itself as "a global systems and process company offering solutions in the oil, gas, water and power markets." The company states it is a leader in natural gas processing and treatment and compression products and services, providing critical midstream infrastructure solutions to customers throughout the world. The company operates through three segments: contract operations, aftermarket services, and oil and gas product sales. The firm employs approximately 4,500 people and operates in around 25 countries.
Exterran Corp. has a market capitalization of around $154.1 million with approximately 33.5 million outstanding shares. EXTN shares opened relatively unchanged today at $4.64 (+$0.04, +0.86%) compared to yesterday's closing price of $4.60. The stock has traded today between $4.64 and $6.22 per share and is currently trading at $5.50 (+$0.90, +19.57%).
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