ProPetro Holding Corp. (PUMP - Free Report) reported strong first-quarter earnings on successful integration of the recently acquired Pioneer Natural Resources’ (PXD - Free Report) pressure pumping assets in the Permian Basin. The company’s impressive operating efficiency also aided the bottom line.
ProPetro’s net income per share came in at 67 cents, ahead of the Zacks Consensus Estimate of 62 cents and the year-ago period's bottom-line figure of 42 cents. Adjusted EBITDA in the first quarter amounted to $150.3 million, increasing substantially from $76.7 million a year ago. In the reported period, ProPetro’s adjusted EBITDA margin was 27.5%, which compares to 20% in the corresponding quarter of 2018.
Keeping with its earlier announcement, the company’s $400 million purchase of Pioneer Natural’s Permian pressure pumping assets led to an increase in ProPetro’s current base to 1,415,000 horsepower across 28 hydraulic fracturing fleets.
ProPetro’s revenues of $546.2 million improved 41.8% year over year and came above the Zacks Consensus Estimate of $524 million.