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Solaris Oilfield Infrastructure Drops 20.1% After Earnings

TheMotleyFool

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Solaris Oilfield Infrastructure Drops 20.1% After EarningsPhoto, wide shot, wide-angle lens, Gas company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Sebastião Salgado: https://img.theapi.app/temp/01083d82-021d-4573-8c40-0e836a0771d6.png

Shares of oil stock Solaris Oilfield Infrastructure (NYSE: SOI) fell as much as 22.5% in trading on Tuesday after reporting third-quarter 2022 financial results. Shares closed the day down 20.1%.

Total revenue rose from $49.4 million a year ago to $92.3 million in Q3, and net income jumped from $874,000 to $7.4 million, or $0.22 per share.

On an adjusted basis, which pulls out one-time items, earnings were $0.24 per share, one cent ahead of estimates. But what investors didn't like was revenue falling 5% below estimates, and that's why the stock is down big today.

Source Fool.com

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