- Solaris Oilfield Infrastructure (SOI +5.4%) reports Q1 sales of $55.1M, down 4% sequentially, but +53% Y/Y.
- Average of 114 mobile proppant management systems were fully utilized, +34% Y/Y, however down 6% Q/Q primarily due to the delayed impact of reduced industry activity levels.
- Free cash flow of $2.6M represented the first quarter of recurring positive free cash flow for the Company.
- Operating margin expands ~720bps to 50.3%, with adj. EBITDA margin up ~290bps to 64% .
- The Company repaid all of the $13M drawn under its credit facility as of December 31, 2018, and in April 2019 amended its credit facility to increase the revolver to $50M, with availability based on a total leverage covenant of 2.5x total debt to EBITDA.
- The Company reaffirms 2019 capital expenditures in the range of $40M-60M.
- Previously: Solaris Oilfield Infrastructure beats by $0.01, beats on revenue (April 30)
Solaris Oilfield Infrastructure +5% on Q1 earnings beat
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Solaris Oilfield Infrastructure, Inc. |