Mammoth Energy’s power restoration contract with Puerto Rico helped boost first quarter 2018 earnings for the Oklahoma City company.
Helped by the $945 million contract to restore electrical power to Puerto Rico, the company reported a profit of $55.5 million or $1.24 a share. That compares to a $5 million loss a year ago.
And the company’s adjusted earnings before interest, taxes, depreciation and amortization totaled $131 million, or more than a thousand percent strong than one year ago.
“The first quarter was challenging due to several factors, including harsh working environments, severe winter weather and logistics issues, but our teams were able to overcome these obstacles and continue to execute at a high level,” CEO Arty Straehla said.
“The first quarter of 2018 was our third sequential record quarter on an EBITDA basis, which was underpinned by the hard work performed by our teams in Puerto Rico. Debt was reduced by $61 million during the quarter, despite spending approximately $36 million on growth capital, highlighting our significant cash flow,” he added.
Besides the utility segment, Mammoth also received a boost from some of its oil-field operations. Its sand division saw revenues increase 16 percent to $51 million. The company’s Taylor Frac LLC subsidiary boosted sand production to about 4 million tons a year, up from 3 million tons per year at the end of 2017.