CES Energy Solutions Corp ( (CESDF) ) has released its Q3 earnings. Here is a breakdown of the information CES Energy Solutions Corp presented to its investors.
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CES Energy Solutions Corp. is a leading provider of consumable chemical solutions for the oilfield sector, operating in major basins across North America, and known for its asset-light business model and advanced technology offerings.
CES Energy Solutions Corp. has reported a strong third quarter for 2024, achieving record revenue and adjusted EBITDAC. The company also approved a dividend of $0.030 per share, showcasing its commitment to returning value to shareholders.
The company reported a record quarterly revenue of $606.5 million, up 13% year-over-year, and an adjusted EBITDAC of $102.5 million, reflecting a 28% increase from the previous year. CES maintained a conservative leverage ratio of 1.14x Total Debt/Adjusted EBITDAC and distributed $53.1 million to shareholders through dividends and share repurchases. The U.S. revenues reached a new high at $402.6 million, while Canadian revenues also saw significant growth.
Despite a decrease in net cash from operating activities due to increased investments in working capital, CES generated $88.5 million in funds flow from operations, marking a substantial increase from the previous year. The company’s acquisition of Hydrolite further enhances its service offerings, particularly in the Permian basin, supporting its strategic growth initiatives.
Looking forward, CES remains optimistic about its financial outlook, expecting stable upstream activity and continued strength in commodity pricing. The company plans to leverage its established infrastructure and advanced chemical solutions to maintain its market position and drive growth in the consumable chemicals market.
