HII Technologies continues to impress markets with a tight configuration of oilfield services competencies deployed smack in the heart of burgeoning domestic hydrocarbon activity (Texas, Oklahoma, Ohio, and West Virginia). The company was happy to report yet more evidence of their operational integrity today, as preliminary unaudited results hit the wires detailing consolidated revenue figures for Q1 (ended March 31) which have exceeded the sum of $2.2M.
Water management and mobile power are so crucial to hydrocarbon developers, and HIIT has put together a winning portfolio of solutions in both categories that shows a real knowledge of the underlying logistics of the industry. These guys even do safety under the banner of AES Safety Services, something which rounds-out their portfolio of oilfield service capabilities nicely and makes the company a one-stop-shop for developers who want to hit all these bases at once.
Over four decades in the rental service market sets the company’s South Texas Power (STP) unit apart from competitors and the array of 20kW to 300kW diesel units, including jumbo custom sizes, are packaged robustly enough to take the beating that only oilfield environments can so lovingly provide. The company’s mastery of service and manufacturing in water management via their AES Water Solutions unit stretches back even farther and today, after 50 years in the game, they have some of the most ingenious 10 inch aluminum piping and distribution solutions, as well as pumps and road crossings available anywhere.
CEO of HIIT, Matthew Flemming, hit hard out of the box, pointing to a 300% jump over last year’s Q1 figures on a consolidated basis and further underscored the strong performance of each division. AES Water Solutions tacked on many new and significant customers during their expansion further into West and South Texas markets, gaining considerable revenue momentum in the process that pushed the unit through to higher levels. Similar performance out of STP and AES Safety, where increased revenue generation capability and a broader customer base helped add to today’s glowing report, adds another powerful reason for shareholders to be confident about next quarter, as well as the rest of 2013.
Flemming noted how STP made significant operational strides in the thriving Eagle Ford Shale market, expanding their footprint to encompass even more easily deployable generator and light tower hardware. Firm traction in Ohio for AES Safety was also noted, as the company achieved several milestones recently, establishing themselves in a rich market where 24/7 on-site safety personnel staffing, from site prep through to completion, are mandated by state law.
Q2 guidance is solid with revenue estimates of around $2.6M, minus any acquisitions, JVs, or other prevailing technology-related deals. A strong lead going into the May 15 projected deadline for the company’s full 10-Q Quarterly Report filing, at which time investors will also be able to get a look at earnings and other relevant financials.
For more information, visit www.HIITinc.com
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