TGS announces Q3 revenues of US$ 190 million
TGS, provider of global geoscientific data products and services to the oil and gas industry, reports net revenues of US$ 190 million in Q3 2014, compared to US$ 191 million in Q3 2013. Earnings before interest and taxes (EBIT) totaled US$ 71 million, corresponding to an EBIT margin of 38%. Cash flow from operations was US$ 184 million, an increase of 57% from Q3 last year. A record Q3 backlog of US$ 260 million was reported.
Third quarter highlights
- Consolidated net revenues were US$ 190 million, compared to US$ 191 million in Q3 2013.
- Net late sales totaled US$ 130 million, down 6% from US$ 138 million in Q3 2013.
- Net pre-funding revenues were US$ 51 million, up 17% from Q3 2013, funding 55% of the company's operational multi-client investments during Q3 (investments of US$ 93 million, down 17% from Q3 2013).
- Proprietary revenues were US$ 9 million, compared to US$ 9 million in Q3 2013.
- Operating profit (EBIT) was US$ 71 million (38% of net revenues), compared to US$ 80 million (42% of net revenues) in Q3 2013.
- Cash flow from operations was US$ 184 million, compared to US$ 118 million in Q3 2013.
- Earnings per share (fully diluted) were US$ 0.53, down from US$ 0.54 in Q3 2013.
9 months financial highlights
- Consolidated net revenues were US$ 617 million, up from US$ 612 million in 2013.
- Net late sales from the multi-client library totaled US$ 405 million, down 4% from US$ 420 million in 2013.
- Net pre-funding revenues were US$ 185 million, up 30% from 2013, funding 55% of the company's operational multi-client investments during the first nine months of 2014 (investments of US$ 336 million, down 3% from 2013).
- Proprietary revenues were US$ 28 million, compared to US$ 50 million in 2013.
- Operating profit (EBIT) was US$ 247 million (40% of net revenues), compared to US$ 267 million (44% of net revenues) in 2013.
- Cash flow from operations was US$ 473 million compared to US$ 330 million in 2013, an increase of 44%.
- Earnings per share (fully diluted) were US$ 1.78, same as in 2013.
CEO statement
"We are pleased to announce Q3 revenues in line with Q3 2013 despite a challenging market with lower oil prices and continued downward pressure on exploration spending. TGS continues to see good investment opportunities and will capitalise on our asset-light business model and strong balance sheet. Our record high back-log at the end of Q3 positions the company well to continue to deliver high quality data needed by the industry to identify new reserves," TGS' CEO Robert Hobbs stated.
To access TGS Q3 2014 results information, click on the links below:
Adapted from press release by Cecilia Rehn
Read the article online at: https://www.oilfieldtechnology.com/exploration/23102014/tgs-announces-q3-revenues-of-usd-190-million/
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