Mammoth Energy Services, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
October 27, 2022 at 04:01 pm EDT
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Mammoth Energy Services, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported revenue was USD 107.2 million compared to USD 57.49 million a year ago. Net income was USD 7.73 million compared to net loss of USD 40.9 million a year ago. Basic earnings per share from continuing operations was USD 0.16 compared to basic loss per share from continuing operations of USD 0.88 a year ago. Diluted earnings per share from continuing operations was USD 0.16 compared to diluted loss per share from continuing operations of USD 0.88 a year ago.
For the nine months, revenue was USD 259.18 million compared to USD 171.73 million a year ago. Net loss was USD 5.39 million compared to USD 88.13 million a year ago. Basic loss per share from continuing operations was USD 0.11 compared to USD 1.9 a year ago. Diluted loss per share from continuing operations was USD 0.11 compared to USD 1.9 a year ago.
Mammoth Energy Services, Inc. is an integrated energy services company focused on providing products and services to enable the exploration and development of North American onshore unconventional oil and natural gas reserve. It is also engaged in the construction and repair of the electric grid for private utilities, public investor-owned utilities and co-operative utilities through its infrastructure services businesses. It operates through four segments. The Natural Sand Proppant services segment mines, processes and sells sand for use in hydraulic fracturing. The Well Completion services segment provides hydraulic fracturing, sand hauling and water transfer services. The Infrastructure services segment provides electric utility infrastructure services in the northeastern, southwestern, midwestern and western portions of the United States. The Drilling services segment provides rental equipment, such as mud motors and operational tools, for both vertical and horizontal drilling.