FTS International Announces Second Quarter 2020 Financial and Operational Results
FTS International, Inc. Class A (FTSI)
Last fts international, inc. class a earnings: 4/29 06:15 pm
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US:NYSE Investor Relations:
ftsi.com/investor-relations/default.aspx
Company Research
Source: Business Wire
FORT WORTH, Texas--(BUSINESS WIRE)--FTS International, Inc. (NYSE American: FTSI) today reported its financial and operational results for the second quarter of 2020.Michael Doss, Chief Executive Officer, commented “Due to the impacts of COVID-19 and the Saudi-Russian oil price war earlier this year, the second quarter was challenging for us and our industry. We reacted quickly in late March to adjust our business to lower demand by aggressively cutting costs to preserve liquidity. Sequentially, we were able to cut our annualized costs of revenue per active fleet by approximately $6 million and reduce our annualized SG&A by approximately $18 million.We continue to expect a challenging market for the remainder of the year. While I am encouraged by the recent improvement in activity levels from the trough, margins are expected to remain compressed. With a firm grip on operating costs, low fleet reactivation costs and our ability to react quickly to market changes, I am confident tha
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