Mammoth Energy reports strong earnings for 2018

Oklahoma City-based Mammoth Energy Services, Inc. is reporting mixed earnings not only in the fourth quarter of 2018 but for all of 2018.  Mixed in the sense its fourth quarter earnings were down but increased dramatically for the full year.

The fourth quarter net income was $68 million or $1.51 per diluted share while full-year 2018 net income was $236 million or $5.24 per share. The net income for the full year was 300% higher than that reported at the end of 2017.

But Mammoth leadership said its total revenue for the fourth quarter was $278.2 million, down 28% from the $384 million reported for the third quarter of 2018. It was also down 25% from the $369 million reported in the fourth quarter of 2017.

Mammoth’s total revenue for the year was $1.7 billion, which represented a 144% increase from the $691.5 million for all of 2017.

Adjusted EBITDA was $84.3 million for the fourth quarter of 2018, a drop of $99.3 million from the third quarter and a decline of $26.2 million from the $110.5 million reported for the fourth quarter of 2017.

However, adjusted EBITDA for all of 2018 totaled $547.3 million, or a 231% increase from the $165.3 million at the end of 2017.

Arty Straehla, Mammoth’s Chief Executive Officer, stated, “2018 was another strong year for Mammoth as we posted record
levels of total revenue, net income and adjusted EBITDA. In addition, we strategically invested in high margin businesses,
returned $11 million to stockholders through dividends and ”

He said since Mammoth Energy went public in 2016, its adjusted EBITDA has grown more than 12 times to $547 million in 2018 from $41 million in 2016.

Clear here to read entire report.