Record earnings for the third quarter have been announced by Oklahoma City-based Mammoth Energy Services as net income reached $69.5 million.
Total revenue was $384 million which represented a 157 percent increase over the third quarter of 2017. A year ago, Mammoth Energy reported a net loss of $800,000.
The net income increase amounts to a profit of $1.54 a share in this year’s third quarter which is 2 cents higher than last year. Adjusted earnings before interest, taxes, depreciation and amortization came to $184 million, a $28 million increase from the third quarter of 2017.
Revenue gains were reported in the company’s different business segments including pressure pumping where revenue grew by 21 percent. One of the biggest jumps was the firm’s electric infrastructure business where revenue went from $13.5 million in the third quarter of 2017 to $237.1 million in this year’s third quarter.
Arty Straehla, Mammoth’s Chief Executive Officer, stated in a release, “The third quarter marked two full years as a public company and was a record quarter on a net income basis. Over the past two years, we have more than doubled the size of our oil field services business and we have also created a large infrastructure organization that has a bright future that should complement our diversified growth for years to come. While the third quarter was challenging for oil field services, we were pleased with the execution in our infrastructure business. In addition, we finalized our amended and restated $185 million five-year credit facility, which both increases our liquidity and gives us the flexibility to react quickly to identified opportunities. We continue our commitment to a balanced stockholder return through the approval of a regular quarterly dividend to be paid on November 15, 2018.”
The company’s sand proppant division had revenues of $37 million for the three months ending Sept. 30, 2018 which was a 30 percent drop from the nearly $53 million reported for the three months that ended June 30.
The Company sold 598,438 tons of sand during the three months ended September 30, 2018, a 23% decrease from 777,850 during the three months ended June 30, 2018 and a 26% increase from 474,933 during the three months ended September 30, 2017.