Nine Energy Service, Inc. (NYSE:NINE) Q2 2019 Earnings Conference Call Transcript
Aug 12, 2019 • 11:00 am ET
Greetings and welcome to the Nine Energy Service Second Quarter 2019 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the presentation. [Operator Instructions] And as a reminder, this conference is being recorded.
I'd like to turn the conference over to Heather Schmidt. Thank you. Please go ahead.
Thank you. Good morning, everyone, and welcome to Nine Energy Service earnings conference call to discuss our results for the second quarter of 2019. With me today, are Ann Fox, President and Chief Executive Officer; Clinton Roeder, Chief Financial Officer. We appreciate your participation.
Some of our comments today may include forward looking statements, reflecting Nine's views about future events. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. These risks and uncertainties can cause actual results to differ materially from our current expectations. We advise listeners to review our earnings release and the risk factors discussed in our filings with the SEC.
We undertake no obligation to revise or update publicly any forward-looking statements for any reason. Our conference today also include non-GAAP financial measures. Additional details and a reconciliation to the most directly comparable GAAP financial measures are also included in our second quarter press release and can be found in the Investor Relations section of our website.
I will now turn the call over to Ann Fox.
Ann G. Fox
Thank you, Heather. Good morning, everyone. Thank you for joining us today to discuss our second quarter results for 2019. This quarter, both revenue and adjusted EBITDA, fell within the range of management's original guidance and we increased cash flow from operations by approximately 95% quarter over-quarter. We anticipate cash generation will continue to increase throughout the remaining quarters in 2019 and into 2020.
In fact, as of close of business on Friday, August 9, our current cash position is up significantly from quarter close to approximately $59 million. Additionally, we anticipate CapEx to be down materially in 2020, which should lead to significant free cash flow. Company revenue for the quarter was $237.5 million, net income with $6.1 million and adjusted EBITDA was $38 million. Basic earnings per share was $0.21. Adjusted net income for the quarter was $8.8 million or $0.30 for adjusted basic earnings per share. ROIC for the second quarter was 7%. Despite volatile moves in WTI throughout the quarter, the market remained steady throughout the majority of regions and service lines during the second quarter, with the exception of the Northeast, which began to see activity weakness in the back half of Q2.
I will speak in greater detail about this during our Q3 outlook. Our larger oil levered E&P customers have remained consistent with their activity plan. We saw increased activity across all of our service lines this quarter, with strong performances from cementing and completion tools, which continue to outperform the market.
Once again, our cementing division increased activity by approximately 1% quarter-over-quarter, while simultaneously increasing profitability by increasing