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Exterran Holdings, Inc. (NYSE: EXH) today reported EBITDA, as adjusted (as defined below), of $140.8 million for the fourth quarter 2012, compared to $126.4 million for the third quarter 2012 and $117.5 million for the fourth quarter 2011.
Revenue was $838.9 million for the fourth quarter 2012, compared to $718.7 million for the third quarter 2012 and $689.1 million for the fourth quarter 2011.
Fabrication backlog was $1,065.7 million at December 31, 2012, compared to $1,239.5 million at September 30, 2012 and $735.3 million at December 31, 2011.
EBITDA, as adjusted, was $464.8 million for 2012, compared to $395.4 million for 2011. Revenue was $2,803.6 million for 2012, compared to $2,629.9 million for 2011.
“During 2012, we made significant progress in the implementation of performance improvement initiatives, as each of our four operating segments achieved increased revenues and gross margin percentage over prior-year levels. In addition, we grew operating horsepower in both of our North America and International contract operations businesses,” said Brad Childers, Exterran Holdings’ President and Chief Executive Officer. “In the fourth quarter, we achieved the highest quarterly level of EBITDA, as adjusted, in over three years and achieved our second consecutive quarter of positive earnings from continuing operations excluding charges.”
“One of our key goals entering 2012 was to reduce debt and covenant leverage. For the year, consolidated debt declined by $208 million and Exterran Holdings’ total leverage ratio, which is total debt to adjusted EBITDA as defined in our credit agreement, decreased to 2.4x at December 31, 2012 from 3.0x at September 30, 2012 and 4.3x at December 31, 2011,” said Bill Austin, Exterran Holdings’ Executive Vice President and Chief Financial Officer.
“I believe we are on track to make further progress in improving the company’s performance in 2013, though similar to last year, first quarter revenues are expected to decline somewhat from fourth quarter levels,” added Childers.