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Exterran Holdings Reports Second-Quarter 2013 Results

Exterran Holdings, Inc. (NYSE: EXH) today reported EBITDA, as adjusted (as defined below), of $176.8 million for the second quarter 2013, which included a benefit from customer exercises of purchase options in our North America and International contract operations businesses of $18.2 million. EBITDA, as adjusted, was $146.5 million for the first quarter 2013 and $101.5 million for the second quarter 2012.

Revenue was $837.3 million for the second quarter 2013, compared to $811.4 million for the first quarter 2013 and $630.7 million for the second quarter 2012.

Fabrication backlog was $746.5 million at June 30, 2013, compared to $994.0 million at March 31, 2013 and $1,286.4 million at June 30, 2012.

“Second-quarter 2013 highlights included the highest quarterly level of EBITDA, as adjusted, in over four years. Our results benefitted from the implementation of performance improvement initiatives, particularly productivity gains in our fabrication business,” said Brad Childers, Exterran Holdings’ President and Chief Executive Officer. “The reduction in fabrication backlog and bookings compared to relatively high year-ago levels is expected to result in reduced fourth-quarter 2013 fabrication revenue compared to second-quarter 2013 levels. However, we are solidly on track to improve the company’s performance in 2013 over prior year results and we remain focused on improving the efficiency of our core operations.”

Net income from continuing operations attributable to Exterran stockholders, excluding charges, for the second quarter 2013 was $20.7 million, or $0.31 per diluted share, excluding non-cash pretax long-lived asset impairment charges of $16.6 million related to our North America contract operations business and fabrication business in the United Kingdom. Net income from continuing operations attributable to Exterran stockholders, excluding charges, for the first quarter 2013 was $13.9 million, or $0.21 per diluted share, and net loss from continuing operations attributable to Exterran stockholders, excluding charges, for the second quarter 2012 was $30.5 million, or $0.48 per diluted share. Net income (loss) from continuing operations attributable to Exterran stockholders, excluding charges, also excludes the benefit of proceeds from the two previously announced sales of Exterran Holdings’ Venezuelan assets.

Stock quotes in this article: EXH 

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