Pioneer Energy Services
The 10-second takeaway
For the quarter ended June 30 (Q2), Pioneer Energy Services beat expectations on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue grew. Non-GAAP earnings per share contracted significantly. GAAP earnings per share dropped to a loss.
Margins dropped across the board.
Pioneer Energy Services booked revenue of $248.4 million. The seven analysts polled by S&P Capital IQ looked for sales of $233.2 million on the same basis. GAAP reported sales were 8.1% higher than the prior-year quarter's $229.8 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.02. The 10 earnings estimates compiled by S&P Capital IQ forecast -$0.04 per share. Non-GAAP EPS of $0.02 for Q2 were 87% lower than the prior-year quarter's $0.15 per share. GAAP EPS were -$0.42 for Q2 against $0.15 per share for the prior-year quarter.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 35.7%, 150 basis points worse than the prior-year quarter. Operating margin was 7.1%, 300 basis points worse than the prior-year quarter. Net margin was -10.4%, much worse than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $241.3 million. On the bottom line, the average EPS estimate is -$0.01.
Next year's average estimate for revenue is $940.2 million. The average EPS estimate is -$0.10.
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 583 members out of 609 rating the stock outperform, and 26 members rating it underperform. Among 106 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 99 give Pioneer Energy Services a green thumbs-up, and seven give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Pioneer Energy Services is outperform, with an average price target of $9.36.
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