Exterran Announces Impact From Hurricane Harvey

Announced Date :  Sep 12, 2017

Exterran Corporation (“Exterran” or the “Company”) has announced the impact of Hurricane Harvey on the Company’s operations.
No material damage was reported to the Company’s two Houston-area manufacturing facilities. Both facilities have returned to full operations. However, both locations were closed for more than a week due to the catastrophic flooding in and around the Houston area. As a result, it is estimated that production downtime will result in up to $20 million of revenue and up to $3 million in gross margin shifting from the third quarter of 2017 to future periods. The delayed revenue and gross margin will impact the Company’s oil and gas product sales segment. No material changes to other line items are anticipated.

Andrew Way, Exterran’s President and CEO, said, “Hurricane Harvey was an unprecedented disaster for Houston and Southeast Texas, impacting all of our stakeholders. Our thoughts are with our employees and members of the community who have suffered a loss as a result of the storm. At the same time, we would like to thank our employees who have rallied to support other employees and the community in general. We had many employees who joined in life-saving activities during the storm and many more involved in post-storm recovery and humanitarian efforts. Our Houston facilities are back to full production and we are working hard to make up the lost production to meet our customers’ needs.”

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