Archrock, Inc. (AROC) saw its loss widen to $9.65 million in the quarter ended compared with $6.30 million a year ago.
Revenue during the quarter plunged 69.85 percent to $195.85 million from $649.50 million in the previous year period. Gross margin for the quarter was at 52.76 percent.
Operating income for the quarter was $3.98 million, compared with $27.01 million in the previous year period.
"Compared to the first half of 2016, improved market conditions in the third quarter contributed to increased stability in our business and lower net operating horsepower returns," said Brad Childers, Archrock's president and chief executive officer. "Additionally, we delivered strong cost management with solid contract operations gross margins, further SG&A reductions, and lower capital expenditures. These actions, combined with the proceeds we received from Exterran related to the sale of Exterran's previously nationalized Venezuelan assets, enabled us to reduce consolidated debt by over $90 million in the third quarter. Finally, third quarter 2016 results were impacted by approximately $21 million in impairment and restructuring charges as we continued to modernize our fleet and reduce our cost structure."
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