Exterran Holdings, Inc. (NYSE: EXH) today reported financial results for the third quarter 2012. These results of operations are presented on a consolidated basis including the results of Exterran Partners, L.P.
EBITDA, as adjusted (as defined below), was $126.4 million for the third quarter 2012, compared to $101.5 million for the second quarter 2012 and $98.8 million for the third quarter 2011. Revenue was $718.7 million for the third quarter 2012, compared to $630.7 million for the second quarter 2012 and $689.8 million for the third quarter 2011. EBITDA, as adjusted, excludes the benefit of the two previously announced sales of Exterran Holdings’ Venezuelan assets described below.
Fabrication backlog was $1,239.5 million at the end of September 2012, compared to $1,286.4 million at the end of June 2012 and $600.1 million at the end of September 2011. Fabrication bookings were $313.9 million for the third quarter 2012, compared to $598.7 million for the second quarter 2012 and $196.6 million for the third quarter 2011.
“We achieved improved financial results in the third quarter 2012, highlighted by better performance in our fabrication operations,” said Brad Childers, Exterran Holdings’ President and Chief Executive Officer. “And the sales of our Venezuelan assets increase our financial flexibility as a result of cash proceeds already received and cash payments due through the third quarter 2016.”
As previously announced, in August 2012, Exterran Holdings’ Venezuelan subsidiary completed the sale of assets nationalized in 2009 to PDVSA Gas, S.A. The net proceeds from this sale, when combined with the net proceeds from the previously announced March 2012 sale of Exterran Holdings’ Venezuelan joint venture assets that also were nationalized in 2009, total approximately $504 million. To date, Exterran Holdings has received $174 million of the net proceeds from these sales and is due to receive the remaining approximately $330 million in periodic cash payments through the third quarter of 2016.