ProPetro: 3Q Earnings Snapshot
MIDLAND, Texas (AP) _ ProPetro Holding Corp. (PUMP) on Tuesday reported third-quarter net income of $46.3 million.
The Midland, Texas-based company said it had profit of 53 cents per share.
The results fell short of Wall Street expectations. The average estimate of 18 analysts surveyed by Zacks Investment Research was for earnings of 54 cents per share.
The oilfield services company posted revenue of $434 million in the period, which also missed Street forecasts. Seventeen analysts surveyed by Zacks expected $451.2 million.
ProPetro shares have dropped 14 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $17.25, an increase of slightly more than 6 percent in the last 12 months.