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Exterran Corporation Announces Fourth Quarter and Full Year 2020 Results

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Exterran Corporation (NYSE: EXTN) reported its fourth quarter 2020 results, highlighting a net loss of $33.9 million on revenues of $151.7 million. This reflects an increase in EBITDA to $38.8 million, marking the highest quarterly EBITDA for the year. The company secured a significant $200 million contract for its Exterran Water Solutions business, signaling a shift towards energy transition and sustainability. Despite a 12% decline in contract operations backlog to $1.1 billion compared to Q4 2019, Exterran remains focused on executing key projects, aiming to drive future cash flow.

Positive
  • Secured a $200 million contract for Exterran Water Solutions, the largest in the company's history.
  • Achieved highest quarterly EBITDA of $38.8 million in Q4 2020, up from $35.8 million in Q3 2020.
  • Reduced selling, general, and administrative expenses to $28.4 million in Q4 2020, down from $30.0 million in Q3 2020.
Negative
  • Net loss increased to $33.9 million in Q4 2020, compared to a loss of $16.7 million in Q3 2020.
  • Revenue declined 10.5% year-over-year from $169.5 million in Q3 2020 to $151.7 million in Q4 2020.
  • Contract operations backlog decreased by 12% compared to Q4 2019.

Operating Results In-Line with Expectations
Booked $200 million Contract Operations Exterran Water Solutions Deal to Start the Year

HOUSTON, March 02, 2021 (GLOBE NEWSWIRE) -- Exterran Corporation (NYSE: EXTN) (“Exterran” or the “Company”) today reported fourth quarter financial results.

Andrew Way, Exterran’s President and Chief Executive Officer commented, “Despite the challenges that 2020 presented, the Company finished the year on a high note, posting our highest quarterly EBITDA, as adjusted for the year during the fourth quarter. The year was largely spent focusing on execution of key projects we had in backlog that will help drive improved EBITDA, as adjusted and cash flow in the years to come. The Company continues to make progress in our transformation, with the formal closing of the sale of our U.S. Compression Fabrication business during the quarter, and now turning our focus to the energy transition and sustainability, where our products and services will meaningfully help our customers reduce flaring, emissions, and water consumption over the coming years. 

“We have talked extensively about our Exterran Water Solutions (EWS) business over the past couple of years and its importance in our transition. I’m pleased to announce that the business was awarded its largest ever contract with a multi-year term in the first quarter of 2021. This is a significant win for the organization on multiple fronts, and is an important signal for the Company’s transition away from a traditional Oilfield Service company. With all of the headwinds everyone faced over the past twelve months, I want to say thank you to all of our employees whose hard work and commitment over the past year has truly helped us progress in our transition.”  

Net loss from continuing operations was $33.9 million, or $1.03 per share, on revenue of $151.7 million for the fourth quarter of 2020. This compares to net loss from continuing operations of $16.7 million, or $0.51 per share, on revenue of $169.5 million for the third quarter of 2020 and net loss from continuing operations of $61.7 million, or $1.89 per share, on revenue of $177.7 million for the fourth quarter of 2019. Net loss was $33.4 million for the fourth quarter of 2020, as compared to net loss of $17.7 million for the third quarter of 2020 and net loss of $79.8 million for the fourth quarter of 2019. EBITDA, as adjusted, was $38.8 million for the fourth quarter of 2020, as compared to $35.8 million for the third quarter of 2020 and $42.1 million for the fourth quarter of 2019. Loss before income taxes was $24.5 million as compared to loss before income taxes of $11.0 million for the third quarter of 2020 and loss before income taxes of $56.6 million for the fourth quarter of 2019.

Selling, general and administrative expenses were $28.4 million in the fourth quarter of 2020, as compared with $30.0 million in the third quarter of 2020 and $32.8 million in the fourth quarter of 2019. 

Contract Operations Segment
Contract operations revenue in the fourth quarter of 2020 was $84.0 million, a 3% increase from third quarter 2020 revenue of $81.7 million and a 13% decrease from fourth quarter 2019 revenue of $96.5 million.

Contract operations adjusted gross margin in the fourth quarter of 2020 was $58.4 million, as compared to adjusted gross margin of $57.1 million in the third quarter of 2020 and $61.6 million in fourth quarter of 2019. Adjusted gross margin percentage in the fourth quarter of 2020 was 69%, as compared with 70% in the third quarter of 2020 and 64% in the fourth quarter of 2019. Contract operations backlog at the end of 2020 was $1.1 billion, a 12% decrease when compared to the fourth quarter 2019.

Revenue and margins were largely unchanged sequentially.

Aftermarket Services Segment
Aftermarket services revenue in the fourth quarter of 2020 was $29.9 million, a 2% decrease from third quarter 2020 revenue of $30.4 million and a 19% decrease from fourth quarter 2019 revenue of $36.9 million.

Aftermarket services adjusted gross margin in the fourth quarter of 2020 was $5.5 million, a 24% decrease from third quarter 2020 adjusted gross margin of $7.3 million and a 39% decrease from fourth quarter 2019 adjusted gross margin of $9.1 million. Adjusted gross margin percentage in the fourth quarter of 2020 was 18%, as compared with 24% in the third quarter of 2020 and 25% in the fourth quarter of 2019.

Product Sales Segment
Product sales revenue in the fourth quarter of 2020 was $37.8 million, a 34% decrease from third quarter 2020 revenue of $57.4 million and a 15% decrease from fourth quarter 2019 revenue of $44.3 million.

Product sales adjusted gross margin in the fourth quarter of 2020 was $5.3 million, a 68% increase from third quarter 2020 adjusted gross margin of $3.1 million and a 48% increase from fourth quarter 2019 adjusted gross margin of $3.5 million. Adjusted gross margin percentage in the fourth quarter of 2020 was 14% as compared with 5% in the third quarter of 2020 and 8% in the fourth quarter of 2019.

The decline in revenue for product sales sequentially was due to timing of revenue recognition of projects in backlog as COVID-19 related impacts adjusted build schedules, along with the completion of projects in backlog. Margin increased due to the shift in product mix and improved productivity. 

Product sales backlog was $465.3 million at December 31, 2020, as compared to $496.7 million at September 30, 2020 and $171.5 million at December 31, 2019. Product sales bookings for the fourth quarter of 2020 were $6.0 million, resulting in a book-to-bill ratio of 16%. This compares to bookings of $8.7 million for the third quarter of 2020 and bookings of $62.6 million for the fourth quarter of 2019.

Conference Call Information
The Company will host a conference call at 10:00 a.m. Central Time on Tuesday, March 2, 2021. The call can be accessed from the Company’s website at www.exterran.com or by telephone at 877-524-8416. For those who cannot listen to the live call, a telephonic replay will be available through March 9, 2021 and may be accessed by calling 877-660-6853 and using the pass code 13716231. A presentation will also be posted on the Company’s website prior to the conference call.

About Exterran Corporation
Exterran Corporation (NYSE: EXTN) is a global systems and process company offering solutions in the oil, gas, water and power markets. We are a leader in natural gas processing and treatment and compression products and services, providing critical midstream infrastructure solutions to customers throughout the world. Exterran Corporation is headquartered in Houston, Texas and operates in approximately 25 countries.

For more information, contact:
Blake Hancock, Vice President of Investor Relations, at 281-854-3043
Or visit www.exterran.com.


Non-GAAP and Other Financial Information
Adjusted gross margin is defined as revenue less cost of sales (excluding depreciation and amortization expense). Total adjusted gross margin percentage is defined as adjusted gross margin divided by revenue. The Company evaluates the performance of its segments based on adjusted gross margin for each segment.

EBITDA, as adjusted, a non-GAAP measure, is defined as net income (loss) excluding income (loss) from discontinued operations (net of tax), cumulative effect of accounting changes (net of tax), income taxes, interest expense (including debt extinguishment costs), depreciation and amortization expense, impairment charges, restructuring and other charges, non-cash gains or losses from foreign currency exchange rate changes recorded on intercompany obligations, expensed acquisition costs, gain on extinguishment of debt, and other items.

Adjusted net income (loss) from continuing operations and diluted adjusted net income (loss) from continuing operations per common share, non-GAAP measures, are defined as net income (loss) and earnings per share, excluding the impact of income (loss) from discontinued operations (net of tax), cumulative effect of accounting changes (net of tax), impairment charges (net of tax), restructuring and other charges (net of tax), gain on the extinguishment of debt, the effect of income tax adjustments that are outside of the Company’s anticipated effective tax rates and other items.

See tables below for additional information concerning non-GAAP financial information, including a reconciliation of the non-GAAP financial information presented in this press release to the most directly comparable financial information presented in accordance with GAAP. Non-GAAP financial information supplements should be read together with, and are not an alternative or substitute for, the Company’s financial results reported in accordance with GAAP. Because non-GAAP financial information is not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

Forward-Looking Statements
All statements in this release (and oral statements made regarding the subjects of this release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These statements may include words such as “guidance,” “anticipate,” “estimate,” “expect,” “forecast,” “project,” “plan,” “intend,” “believe,” “confident,” “may,” “should,” “can have,” “likely,” “future” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Examples of forward-looking information in this release include, but are not limited to: Exterran’s financial and operational strategies and ability to successfully effect those strategies; Exterran’s expectations regarding future economic and market conditions; the expected impact of COVID-19 and oil price declines on Exterran’s business; Exterran’s financial and operational outlook and ability to fulfill that outlook; demand for Exterran’s products and services and growth opportunities for those products and services; and statements regarding industry activity levels and infrastructure build-out opportunities.

These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside Exterran’s control, which could cause actual results to differ materially from such statements. As a result, any such forward-looking statements are not guarantees of future performance or results. While Exterran believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. Among the factors that could cause results to differ materially from those indicated by such forward-looking statements are: local, regional, national and international economic and political conditions and the impact they may have on Exterran and its customers; Exterran’s reduced profit margins or loss of market share resulting from competition or the introduction of competing technologies by other companies; Exterran’s ability to win profitable new business; changes in international trade relationships including the imposition of trade restrictions or tariffs relating to any materials or products used in the operation of our business; conditions in the oil and gas industry, including a sustained imbalance in the level of supply or demand for oil or natural gas or a sustained low price of oil or natural gas; Exterran’s ability to timely and cost-effectively execute projects; Exterran enhancing or maintaining its asset utilization, particularly with respect to its fleet of compressors and other assets; Exterran’s ability to integrate acquired businesses; employment and workforce factors, including the ability to hire, train and retain key employees; Exterran’s ability to accurately estimate costs and time required under Exterran’s fixed price contracts; liability related to the use of Exterran’s products and services; changes in political or economic conditions in key operating markets, including international markets; changes in current exchange rates, including the risk of currency devaluations by foreign governments, and restrictions on currency repatriation; risks associated with Exterran’s operations, such as equipment defects, equipment malfunctions, environmental discharges, extreme weather and natural disasters; risks associated with cyber-based attacks or network security breaches; any non-performance by third parties of their contractual obligations, including the financial condition of our customers; changes in safety, health, environmental and other regulations, including those related to climate change or water scarcity; and Exterran’s indebtedness and its ability to generate sufficient cash flow, access financial markets at an acceptable cost, fund its operations, capital commitments and other contractual cash obligations, including our debt obligations.

These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in Exterran’s Annual Report on Form 10-K for the year ended December 31, 2019, and other filings with the Securities and Exchange Commission available on the Securities and Exchange Commission’s website www.sec.gov. A discussion of these risks is expressly incorporated by reference into this release. Except as required by law, Exterran expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.


EXTERRAN CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
          
 Three Months Ended Years Ended
 December 31, September 30, December 31, December 31, December 31,
 2020 2020 2019 2020 2019
Revenues:         
Contract operations$84,011   $81,679   $96,481   $338,423   $368,126  
Aftermarket services29,909   30,435   36,909   113,246   129,217  
Product sales37,779   57,397   44,301   161,392   298,668  
 151,699   169,511   177,691   613,061   796,011  
Costs and expenses:         
Cost of sales (excluding depreciation and amortization expense):         
Contract operations25,628   24,548   34,880   105,382   128,163  
Aftermarket services24,379   23,135   27,793   87,715   95,607  
Product sales32,517   54,263   40,755   158,098   257,828  
Selling, general and administrative28,357   29,959   32,831   123,406   141,733  
Depreciation and amortization44,156   36,630   44,852   145,043   158,302  
Impairments9,953   1,695   43,678   11,648   52,567  
Restructuring and other charges   238   (148)  3,550   6,194  
Interest expense9,603   9,623   10,426   38,817   38,620  
Gain on extinguishment of debt(147)  (780)     (3,571)    
Other (income) expense, net1,758   1,178   (791)  589   (392) 
 176,204   180,489   234,276   670,677   878,622  
Loss before income taxes(24,505)  (10,978)  (56,585)  (57,616)  (82,611) 
Provision for income taxes9,433   5,745   5,081   28,403   25,290  
Loss from continuing operations(33,938)  (16,723)  (61,666)  (86,019)  (107,901) 
Income (loss) from discontinued operations, net of tax561   (998)  (18,171)  (15,272)  5,524  
Net loss$(33,377)  $(17,721)  $(79,837)  $(101,291)  $(102,377) 
          
Basic and diluted net loss per common share:         
Loss from continuing operations per common share$(1.03)  $(0.51)  $(1.89)  $(2.63)  $(3.15) 
Income (loss) from discontinued operations per common share0.01   (0.03)  (0.55)  (0.46)  0.16  
Net loss per common share$(1.02)  $(0.54)  $(2.44)  $(3.09)  $(2.99) 
          
Weighted average common shares outstanding used in net loss per common share:         
Basic and diluted32,832   32,806   32,714   32,750   34,283  

________________________
During the fourth quarter of 2020, we completed the sale of our U.S. compression fabrication business and it is now reflected as discontinued operations in our financial statements for all periods presented.


EXTERRAN CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
    
 December 31,
 2020 2019
ASSETS   
    
Current assets:   
Cash and cash equivalents$40,318  $16,683 
Restricted cash3,410  19 
Accounts receivable, net198,028  179,158 
Inventory109,837  119,358 
Contract assets32,642  36,997 
Other current assets19,810  22,003 
Current assets associated with discontinued operations25,325  61,705 
Total current assets429,370  435,923 
Property, plant and equipment, net733,222  824,194 
Long-term contract assets33,563  16,280 
Operating lease right of use assets25,428  26,227 
Deferred income taxes8,866  13,994 
Intangible and other assets, net71,436  77,644 
Long-term assets associated with discontinued operations1,606  23,742 
Total assets$1,303,491  $1,418,004 
    
LIABILITIES AND STOCKHOLDERS’ EQUITY   
    
Current liabilities:   
Accounts payable, trade$60,078  $82,864 
Accrued liabilities94,404  92,641 
Contract liabilities100,123  66,695 
Current operating lease liabilities6,340  5,819 
Current liabilities associated with discontinued operations13,707  78,626 
Total current liabilities274,652  326,645 
Long-term debt562,325  443,587 
Deferred income taxes1,014  993 
Long-term contract liabilities80,499  156,262 
Long-term operating lease liabilities29,868  30,189 
Other long-term liabilities57,159  48,749 
Long-term liabilities associated with discontinued operations2,142  2,041 
Total liabilities1,007,659  1,008,466 
Total stockholders’ equity295,832  409,538 
Total liabilities and stockholders’ equity$1,303,491  $1,418,004 

________________________
During the fourth quarter of 2020, we completed the sale of our U.S. compression fabrication business and it is now reflected as discontinued operations in our financial statements for all periods presented.


EXTERRAN CORPORATION
UNAUDITED SUPPLEMENTAL INFORMATION
(In thousands, except percentages)
          
 Three Months Ended Years Ended
 December 31, September 30, December 31, December 31, December 31,
 2020 2020 2019 2020 2019
Revenue:         
Contract operations$84,011  $81,679  $96,481  $338,423  $368,126 
Aftermarket services29,909  30,435  36,909  113,246  129,217 
Product sales37,779  57,397  44,301  161,392  298,668 
Total Revenue$151,699  $169,511  $177,691  $613,061  $796,011 
          
Segment Adjusted Gross margin:         
Contract operations$58,383  $57,131  $61,601  $233,041  $239,963 
Aftermarket services5,530  7,300  9,116  25,531  33,610 
Product sales5,262  3,134  3,546  3,294  40,840 
Total Adjusted Gross margin:$69,175  $67,565  $74,263  $261,866  $314,413 
          
Segment Adjusted Gross margin percentage:         
Contract operations69% 70% 64% 69% 65%
Aftermarket services18% 24% 25% 23% 26%
Product sales14% 5% 8% 2% 14%
 46% 40% 42% 43% 39%
          
Selling, general and administrative$28,357  $29,959  $32,831  $123,406  $141,733 
% of revenue19% 18% 18% 20% 18%
          
EBITDA, as adjusted$38,762  $35,804  $42,116  $133,751  $173,040 
% of revenue26% 21% 24% 22% 22%
          
Capital expenditures$9,759  $25,457  $19,068  $75,611  $189,037 
          
Revenue by Geographical Regions:         
North America$12,977  $13,364  $14,283  $44,671  $110,096 
Latin America64,497  60,302  79,673  259,948  320,249 
Middle East and Africa48,315  69,682  70,005  226,083  319,866 
Asia Pacific25,910  26,163  13,730  82,359  45,800 
Total revenues$151,699  $169,511  $177,691  $613,061  $796,011 
          
 As of
 December 31, September 30, December 31, December 31, December 31,
 2020 2020 2019 2020 2019
Contract Operations Backlog:         
Contract operations services$1,100,929  $1,208,139  $1,252,001  $1,100,929  $1,252,001 
          
Product Sales Backlog:         
Compression equipment$10,218  $18,165  $54,541  $10,218  $54,541 
Processing and treating equipment425,292  447,109  69,912  425,292  69,912 
Other product sales29,835  31,380  47,094  29,835  47,094 
Total product sales backlog$465,345  $496,654  $171,547  $465,345  $171,547 

________________________
Compression Equipment backlog includes sales to international customers. During the fourth quarter of 2020, we completed the sale of our U.S. compression fabrication business and it is now reflected as discontinued operations in our financial statements for all periods presented.


EXTERRAN CORPORATION
UNAUDITED NON-GAAP FINANCIAL MEASURES
(In thousands, except per share amounts)
          
 Three Months Ended Years Ended
 December 31, September 30, December 31, December 31, December 31,
 2020 2020 2019 2020 2019
Non-GAAP Financial Information—Reconciliation of total gross margin to Total adjusted gross margin:         
Revenues$151,699   $169,511   $177,691   $613,061   $796,011  
Cost of sales (excluding depreciation and amortization expense):82,524   101,946   103,428   351,195   481,598  
Depreciation and amortization (1)42,618   35,182   42,823   139,107   151,716  
Total gross margin26,557   32,383   31,440   122,759   162,697  
Depreciation and amortization (1)42,618   35,182   42,823   139,107   151,716  
Total adjusted gross margin(2)$69,175   $67,565   $74,263   $261,866   $314,413  
          
Non-GAAP Financial Information—Reconciliation of Net loss to EBITDA, as adjusted:         
Net loss$(33,377)  $(17,721)  $(79,837)  $(101,291)  $(102,377) 
(Income) loss from discontinued operations, net of tax(561)  998   18,171   15,272   (5,524) 
Depreciation and amortization44,156   36,630   44,852   145,043   158,302  
Impairments9,953   1,695   43,678   11,648   52,567  
Restatement related charges, net      28      48  
Restructuring and other charges   238   (148)  3,550   6,194  
Interest expense9,603   9,623   10,426   38,817   38,620  
Gain on extinguishment of debt(147)  (780)     (3,571)    
Gain on currency exchange rate remeasurement of intercompany balances(298)  (624)  (135)  (4,120)  (80) 
Provision for income taxes9,433   5,745   5,081   28,403   25,290  
EBITDA, as adjusted (2)$38,762   $35,804   $42,116   $133,751   $173,040  
          
Non-GAAP Financial Information—Reconciliation of Net loss to Adjusted net loss from continuing operations:         
Net loss$(33,377)  $(17,721)  $(79,837)  $(101,291)  $(102,377) 
(Income) loss from discontinued operations, net of tax(561)  998   18,171   15,272   (5,524) 
Loss from continuing operations(33,938)  (16,723)  (61,666)  (86,019)  (107,901) 
Adjustment for items:         
Impairments9,953   1,695   43,678   11,648   52,567  
Restatement related charges, net      28      48  
Restructuring and other charges   238   (148)  3,550   6,194  
Gain on extinguishment of debt(147)  (780)     (3,571)    
Tax impact of adjustments (3)(98)  (24)  (613)  (117)  (1,181) 
Adjusted net loss from continuing operations (4)$(24,230)  $(15,594)  $(18,721)  $(74,509)  $(50,273) 
          
Diluted loss from continuing operations per common share$(1.03)  $(0.51)  $(1.89)  $(2.63)  $(3.15) 
Adjustment for items, after-tax, per diluted common share0.29   0.03   1.32   0.35   1.68  
Diluted adjusted net loss from continuing operations per common share (4) (5)$(0.74)  $(0.48)  $(0.57)  $(2.28)  $(1.47) 

________________________
During the fourth quarter of 2020, we completed the sale of our U.S. compression fabrication business and it is now reflected as discontinued operations in our financial statements for all periods presented.

 
(1) Represents the portion only attributable to cost of sales.
 
(2) Management evaluates the performance of each of the Company’s segments based on adjusted gross margin. Total adjusted gross margin, a non-GAAP measure, is included as a supplemental disclosure because it is a primary measure used by our management to evaluate the results of revenue and cost of sales (excluding depreciation and amortization expense), which are key components of our operations. Management believes total adjusted gross margin is important supplemental information for investors because it focuses on the current performance of our operations and excludes the impact of the prior historical costs of the assets acquired or constructed that are utilized in those operations, the indirect costs associated with our SG&A activities, the impact of our financing methods, restatement related charges (recoveries), restructuring and other charges, gain on the extinguishment of debt and income taxes. In addition, the inclusion of depreciation and amortization expense may not accurately reflect the costs required to maintain and replenish the operational usage of our assets and therefore may not portray the costs from current operating activity.
 
(3) Management believes EBITDA, as adjusted, is an important measure of operating performance because it allows management, investors and others to evaluate and compare our core operating results from period to period by removing the impact of our capital structure (interest expense from outstanding debt), asset base (depreciation and amortization), our subsidiaries’ capital structure (non-cash gains or losses from foreign currency exchange rate changes on intercompany obligations), tax consequences, impairment charges, restatement related charges (recoveries), restructuring and other charges, expensed acquisition costs, gain on the extinguishment of debt and other items. Management uses EBITDA, as adjusted, as supplemental measures to review current period operating performance, comparability measures and performance measures for period to period comparisons. In addition, the Company's compensation committee has used EBITDA, as adjusted, in evaluating the performance of the Company and management and in evaluating certain components of executive compensation, including performance-based annual incentive programs.
 
(4) The tax impacts of adjustments were based on the Company’s statutory tax rates applicable to each item in the appropriate taxing jurisdictions. Using statutory tax rates for presentation of the non-GAAP measures allows a consistent basis for investors to understand financial performance of the Company across historical periods. The overall effective tax rate on adjustments was impacted by the inability to recognize tax benefits from charges in jurisdictions that are in cumulative loss positions.
 
(5) Management believes adjusted net income (loss) from continuing operations and diluted adjusted net income (loss) from continuing operations per common share provides useful information to investors because it allows management, investors and others to evaluate and compare our core operating results from period to period by removing the impact of impairment charges, restructuring and other charges, restatement related charges (recoveries), expensed acquisition costs, gain on the extinguishment of debt and other items not appropriately reflective of our core business.
 
(6) Diluted adjusted net income (loss) from continuing operations per common share, was computed using the two-class method to determine the net income (loss) per share for each class of common stock and participating security (certain of our restricted stock and restricted stock units) according to participation rights in undistributed earnings.

FAQ

What were Exterran's fourth quarter results for 2020?

Exterran reported a net loss of $33.9 million on revenue of $151.7 million in the fourth quarter of 2020.

Did Exterran secure a new contract in 2021?

Yes, Exterran secured its largest contract ever, valued at $200 million for the Exterran Water Solutions business.

How did Exterran's EBITDA perform in Q4 2020?

Exterran achieved an EBITDA of $38.8 million in Q4 2020, the highest for the year.

What is the impact of the contract on Exterran's future?

The contract signifies Exterran's ongoing transition towards sustainability and energy solutions, which may drive future revenue.

What is the status of Exterran's backlog?

The contract operations backlog stood at $1.1 billion at the end of 2020, a decrease of 12% compared to Q4 2019.

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Oil & Gas Equipment & Services
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