C&J Energy Services, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the Year 2018
For the year, the company reported revenue of $1,638,739,000 against $971,142,000 a year ago. Operating loss income was $15,779,000 against $870,008,000 a year ago. Loss before reorganization items and income taxes was $17,303,000 against $1,017,969,000 a year ago. Net income was $22,457,000 or $0.37 basic and diluted per share against net loss of $944,289,000 or $7.98 basic and diluted per share a year ago. Net cash provided by operating activities of $94,000 against net cash used in operating activities of $107,372,000 a year ago. Purchases of and deposits on property, plant and equipment were $210,186,000 against $57,909,000 a year ago. Adjusted EBITDA was $130,862,000 against adjusted LBITDA of $94,842,000 a year ago.
For the year 2018 the company estimates total capital expenditures will range between $430 million and $450 million, with approximately $260 million to $275 million directed towards fracturing business. The company expects effective tax rate to be near 0.