Exterran Holdings, Inc. (EXH), an oil and natural gas operations, maintenance, service, and equipment provider, Thursday reported a decline in profit for the third quarter, reflecting lower revenues from all operating segments. Exterran Partners, L.P. (EXLP), in which Exterran Holdings owns a majority interest, also reported its third quarter results with lower net income.
Exterran Holdings' net income attributable to shareholders for the third quarter declined to $18.19 million or $0.30 per share from $37.03 million or $0.57 per share in the previous year.
On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.13 per share for the quarter. Analysts' estimates typically exclude special items.
Income from continuing operations attributable to shareholders for the third quarter was $24.8 million or $0.38 per share. Income from continuing operations excluded pretax charges that totaled $3.6 million and included a $2.6 million restructuring charge related to consolidation of fabrication facilities in North America, as well as a $1.0 million charge related to investments in non-consolidated affiliates in Venezuela.
Excluding charges, income from continuing operations attributable to shareholders was $24.4 million or $0.39 per diluted share, compared to $24.0 million or $0.37 per diluted share last year.
Total revenues for the quarter declined to $679.71 million from $756.26 million a year ago. Analysts estimated a revenue of $640.37 million for the quarter.
Revenues from North America contract operations declined to $167.57 million from $197.93 million last year. Revenues from International contract operations were $96.42 million, compared to $99.68 million a year ago. Revenues from aftermarket services declined to $75.53 million from $94.04 million, and revenue from fabrication declined to $340.19 million from $364.61 million.
Gross margin for the quarter was $229.90 million or 34% of revenues, down from $263.14 million or 35% of revenues in the previous year.
Depreciation and amortization charges increased to $87.78 million from $83.03 million in the previous year. The company reported restructuring charges of $2.62 million for the third quarter.
Further, natural gas contract operations services provider Exterran Partners reported that its net income for the third quarter declined to $2.0 million or $0.09 per limited partner unit from $9.4 million or $0.49 per limited partner unit in the previous year. Net income, excluding charge, was $2.008 million or $0.09 per limited partner unit compared to $9.411 million or $0.49 limited partner unit last year.
On average, three analysts polled by Thomson Reuters expected Exterran Partners to report earnings of $0.25 per limited partner unit for the quarter. Analysts' estimates typically exclude special items.
Exterran Partners reported revenue of $41.3 million for the third quarter 2009, compared to $44.4 million for the third quarter 2008.
On October 30, 2009, Exterran Partners declared a cash distribution of $0.4625 per limited partner unit, or $1.85 per limited partner unit on an annualized basis, payable on November 13, 2009 to unitholders of record at the close of business on November 9, 2009.
EXH closed Thursday's regular trading at $22.02, up 1.05 or 5.01%, on a volume of 1.95 million shares on the NYSE. In after hours, the stock further gained 0.26 or 1.20%, trading at $22.2847.
EXLP closed Thursday's regular trading at $17.94, down 0.72 or 3.86%, on a volume of 72K shares on the Nasdaq.
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