Thanks as always.
For the quarter-ended, SES reported EPS of 12c missing estimates of 13c. Revenue (Excl oil purchase and resale) beat estimates of $333M coming in at $337M declining from $353M from the year prior. Adjusted EBITDA was $114M, declining from $119M but coming in well-ahead of forecasts of $102.15M. The comapny's CEO stated, "Strong second quarter results were driven by robust industry fundamentals, favorable weather conditions, and continued operational execution across our business units, resulting in double digit revenue growth on a same store sales basis." SES also raised its full-year adjusted EBITDA guidance and repurchased approximately 11% of outstanding shares in the quarter. The decline in revenue appears to be driven by wek industry conditions, but we think the results are fine outside of that. The adjusted EBITDA guidance raise is good to see and SES continues to be cheap at 13.5x forward earnings.