(Photo by Mark Hancock)
Oklahoma City-based Mammoth Energy Services plans a third quarter earnings release this week. Based on financial settlements in its legal fight with Puerto Rico, earnings could be improved.
The company will make known the earnings results on Friday, Nov. 1 at 9 a.m. Central Time.
In recent weeks, the company announced the receipt of millions of dollars in its several year-long fight to be paid by Puerto Rico for power restoration work following the 2017 Hurricane Maria.
Mammoth reported a $156 million net loss in the second quarter of the year or $3.25 per share, far more than the $11.8 million and 25 cent loss per share in the first quarter of 2024.
During the second quarter of 2024, the company recognized expense of $170.7 million related to the settlement between Mammoth’s subsidiary Cobra Acquisitions LLC and the Puerto Rico Electric Power Authority.
Excluding this non-recurring expense and interest income previously accrued on the receivable with PREPA, Adjusted EBITDA would have been ($0.3) million for the second quarter of 2024 compared to ($6.0) million for the first quarter of 2024.
As a result of the Settlement Agreement, the Company expects to receive $188.4 million in total settlement proceeds.