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Exterran Holdings, Inc. (NYSE: EXH) today reported EBITDA, as adjusted (as defined below), of $155.9 million for the third quarter 2013. EBITDA, as adjusted, was $176.8 million for the second quarter 2013, which included an $18.2 million benefit from purchase option exercises in our North America and International contract operations businesses, and $126.4 million for the third quarter 2012.
Revenue was $776.0 million for the third quarter 2013, compared to $837.3 million for the second quarter 2013 and $718.7 million for the third quarter 2012.
Fabrication backlog was $619.4 million at September 30, 2013, compared to $746.5 million at June 30, 2013 and $1,239.5 million at September 30, 2012. Fabrication bookings were $276.2 million for the third quarter 2013, compared to $209.0 million for the second quarter 2013 and $313.9 million for the third quarter 2012.
“We achieved a solid overall operating performance in the third quarter 2013, including the second highest quarterly level of EBITDA, as adjusted, in four years, although we also experienced sequential declines in fabrication backlog and North America operating horsepower levels,” said Brad Childers, Exterran Holdings’ President and Chief Executive Officer. “With our increased fabrication bookings on a sequential basis and industry growth trends, we are optimistic about the prospects for continuing to improve our bookings levels in the fourth quarter 2013. With regard to our horsepower trends, we expect flat to slightly higher operating horsepower levels in our North America contract operations business in the fourth quarter 2013 based on customer demand in shale and liquids rich plays, which we believe will offset the customer stop activity that continues in conventional fields given relatively low natural gas prices.”
“Debt balances at the Exterran parent level (excluding Exterran Partners) declined by $84 million from June 30, 2013 to September 30, 2013. Exterran Holdings’ debt to adjusted EBITDA level under our credit agreement declined to 1.8x at September 30, 2013 from 3.0x at September 30, 2012. Our improved capital position provides increased financial flexibility to pursue our growth strategies,” said Bill Austin, Exterran Holdings’ Executive Vice President and Chief Financial Officer.