USA Compression ( (USAC) ) has released its Q3 earnings. Here is a breakdown of the information USA Compression presented to its investors.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
USA Compression Partners, LP is a leading independent provider of natural gas compression services in the United States, catering to producers, processors, gatherers, and transporters of natural gas and crude oil, with a focus on midstream natural gas compression services for infrastructure applications.
In its third-quarter 2024 earnings report, USA Compression has announced record total revenues of $240.0 million, showcasing a strong performance despite a slight decrease in net income compared to the previous year. The company continues to confirm its optimistic outlook for the full year 2024.
Key financial highlights include a notable increase in Adjusted EBITDA to $145.7 million from $130.2 million in the same quarter of 2023, and a growth in Distributable Cash Flow to $86.6 million from $71.6 million. The company also reported record average revenue-generating horsepower and improved revenue per horsepower, reflecting a tightening in the compression service space.
USA Compression has announced a consistent cash distribution of $0.525 per common unit, maintaining its annualized distribution rate. Additionally, the company plans to increase its expansion capital expenditures to address costs associated with redeployment and fleet conversion, indicating a strategic focus on growth and operational efficiency.
Looking ahead, USA Compression remains confident in its financial performance for the remainder of 2024, maintaining its guidance for net income, Adjusted EBITDA, and Distributable Cash Flow, suggesting a stable and promising outlook for stakeholders and investors.
