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Apergy's Q3 adjusted results miss Street estimates

Oil and gas equipment and services provider Apergy Corp. on Oct. 23 reported a third-quarter adjusted net income of $20.9 million, or 27 cents per share, down 27% from the $28.6 million, or 37 cents per share, posted during the third quarter of 2018.

The S&P Global Market Intelligence consensus normalized earnings estimate for the third quarter was 33 cents per share.

The company's GAAP net income was pegged at $13.6 million, dropping 46% from the $25.3 million seen a year ago.

Revenue for the quarter totaled $278.4 million, down 12% from the $316.5 million seen during the corresponding quarter in 2018.

Capital expenditures for the quarter came in at $8.9 million compared to the $13.9 million reported during the third quarter of 2018.