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Solaris Oilfield Infrastructure Drops 20.1% After Earnings

TheMotleyFool

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Solaris Oilfield Infrastructure Drops 20.1% After Earnings: https://g.foolcdn.com/editorial/images/707236/oil-rigs-on-land-at-sunset.jpg

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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