Key Energy Services Inc. (KEGX)

[eFinanceMarkets]

Day two of post-earnings losses for Key Energy

In its first full quarter since emerging from bankruptcy, Key Energy (KEG -6%) on Wednesday night reported adjusted EBTIDA of negative $11M, and adjusted pretax loss of $39.7M or $1.97 per share.

Rig services revenue of $60.3M was down 2.4% from Q4; fluid management services revenue of $17.9M down 0.5%; coiled tubing services revenue of $5.3M down 30.3%; fishing and rental services revenue of $15.9M up 5.8%.

International revenue of $2.1M down 64.8%.
Excluding activity put off by a large customer in CA thanks to heavy rains, rig services revenue was up 8% from Q4.

Management is seeing increases in activity and additional traction on discount recovery thus far in Q2. The company expects to see Q2 revenue growth of 10% with strong incremental margins.
Previously: Key Energy Services EPS of -$2.33 (May 10)