Macro Enterprises Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. The company posted consolidated revenue of $8.8 million, a decrease of $3.9 million over last year's first quarter revenue results of $12.7 million. The decrease over prior year was due to an overall decline in business activity, particularly large scheduled project work that has been since delayed until further notice. Generally, work levels continue to remain below historical averages as a result of market uncertainty, some scheduling and permitting issues compounded by commodity price volatility. Revenue during the quarter primarily related to maintenance and integrity work performed under existing Master Service Agreements. Revenue during the period ended March 31, 2017 was split between MSA maintenance and integrity work at approximately 60% with the balance being smaller construction projects being performed. Net loss in the quarter was $2.3 million or $0.07 per share compared to a net loss of $2.6 million $0.08 per share recognized in the prior year's quarter. The recognition of the loss during the quarter was a result of reduced levels of work activity compounded by diminished margins, impacted significant bidding costs incurred, offset by a non-cash adjustment booked for a gain on the re-measurement of the preferred shares. EBITDA was $1,315,000 compared to $1,742,000 a year ago.

The company announced that its first half of revenues for 2018 are expected to be challenging and significantly lower than last year.