Frank's Reports Mediocre First-Quarter Results, but Issues Very Strong 2019 Guidance
Frank's International issued mediocre first-quarter results. Revenue fell 1% sequentially due to a 3% drop in Tubular Running Services (the company's largest segment) and a 16% drop in Tubulars, slightly offset by a 22% increase in the Cementing Equipment segment. Adjusted EBITDA margin dropped sequentially to 6.7% from 8.8% previously due mostly to a fall in TRS margins to 18% from 22% previously. However, the firm issued very strong guidance for 2019, including a 15% increase in revenue for th...
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