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LONDON, UK / ACCESSWIRE / June 5, 2018 / If you want access to our free earnings report on Pioneer Energy Services Corp. (NYSE: PES) ("Pioneer"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=PES. The Company reported its first quarter fiscal 2018 operating and financial results on May 02, 2018. The oil and gas drilling and production Company outperformed top- and bottom-line expectations, and also provided guidance for the upcoming quarter. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the first quarter of the fiscal year 2018, Pioneer's revenues were $144.5 million, up 51% from $95.8 million in Q1 2017. The Company's revenue numbers surpassed analysts' estimates of $136.0 million.
During Q1 2018, Pioneer reported a net loss of $11.1 million, or $0.14 loss per share, compared to a net loss of $25.1 million, or $0.33 loss per share, in Q1 2017. The Company's adjusted net loss was $6.9 million, or $0.09 loss per share, in the reported quarter compared to an adjusted net loss of $15.4 million, or $0.20 loss per share, in the prior year's same quarter, and were better than Wall Street's estimates for a loss of $0.13 per share.
During Q1 2018, Pioneer's revenues from production services business soared 60% to $90.9 million compared to $45.6 million in Q1 2017. The increase in revenues was driven by an increased demand and revenue rates for all of its businesses. The Company's gross margin as a percentage of revenue from its production services business was 24% in the reported quarter, up from 20% in the year earlier same quarter.
Pioneer's well servicing average revenue per hour was $518 in the reported quarter, up from $497 in the year earlier comparable quarter. Well servicing rig utilization was 47% in Q1 2018, up from 43% in Q1 2017. Pioneer's coiled tubing revenue days totaled 414 in the reported quarter compared to 338 in Q1 2017.
For Q1 2018, Pioneer's revenues from its drilling services business surged 37% to $53.5 million compared to $39.0 million in Q1 2017. The Company's domestic drilling services rig utilization was 100% in the reported quarter, up from 86% in the year earlier corresponding quarter.
Pioneer's domestic drilling average revenue per day was $24,949 in Q1 2018, up from $22,951 in Q1 2017. The Company's domestic drilling average margin per day was $10,436 in the reported quarter, up from $7,154 in the prior year's corresponding quarter, driven by increasing day rates and minimal operational downtime. Pioneer's international rig utilization was 76% in Q1 2018, up from 44% in Q1 2017. The Company's international drilling average revenue per day was $32,020 in Q1 2018, down from $33,347 in Q1 2017. Pioneer's international drilling average margin per day was $8,455 in Q1 2018, down from $9,603 in Q1 2017.
As of the day of the press release, all 16 of its domestic drilling rigs were earning revenues; 14 of which were under term contracts, and 7 of the Company's 8 rigs in Colombia were earning revenues, resulting in utilization of 96%.
Pioneer's working capital was $132.2 million at March 31, 2018, up from $130.6 million at December 31, 2017. The Company's cash and cash equivalents, including restricted cash, were $70.7 million, down from $75.6 million at the end of the fiscal year 2017. For Q1 2018, Pioneer used $11.7 million of cash for the purchase of property and equipment, while its cash provided by operations was $5.1 million.
During Q1 2018, Pioneer's cash capital expenditure was $11.7 million. The Company is estimating total cash capital expenditure to be approximately $60 million for 2018.
For the second quarter of the fiscal year 2018, Pioneer is forecasting revenues from its production services business segments to be up approximately 7% to 10% compared to Q1 2018. The Company's margin from its production services business is estimated to be 25% to 27% of revenues for Q2 2018.
Pioneer is expecting domestic drilling services rig utilization to be 100% and generate average margins per day of approximately $10,000 to $10,500 in Q2 2018. The Company's international drilling services rig utilization is estimated to average 83% to 86%, and generate average margins per day of approximately $8,000 to $9,000 for the upcoming quarter.
Stock Performance Snapshot
June 04, 2018 - At Monday's closing bell, Pioneer Energy Services' stock declined 6.48%, ending the trading session at $5.05.
Volume traded for the day: 1.03 million shares, which was above the 3-month average volume of 701.38 thousand shares.
Stock performance in the last month – up 21.69%; previous three-month period – up 68.33%; past twelve-month period – up 106.12%; and year-to-date – up 65.57%
After yesterday's close, Pioneer Energy Services' market cap was at $400.16 million.
The stock is part of the Basic Materials sector, categorized under the Oil & Gas Drilling & Exploration industry.
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