Reports Q3 revenue $324.6M, consensus $316.8M. “We delivered an outstanding third quarter with new quarterly records in revenue, adjusted EBITDA and free cash flow,” stated Mickey McKee, CEO. “I could not be more proud of the progress we have made improving margins through the realization of cost synergies, increased fleet utilization and favorable contract compression market pricing. During the quarter, we successfully completed the sale of over 2,000 small horsepower units and exited Canada, high-grading our fleet and simplifying our business. Our high-quality, large horsepower asset base continues to be in high demand and puts us in a position to drive further improvements in margins and cash flow. Our new unit deliveries are effectively fully contracted through 2025. The positive compression market outlook along with our solid execution gives us confidence to raise the low end of our 2024 Adjusted EBITDA guidance range and provide an early outlook on 2025 Adjusted EBITDA.”
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on KGS:
- Kodiak Gas Services Announces Dividend and Q3 Results
- Kodiak Gas Services price target raised to $35 from $31 at RBC Capital
- Kodiak Gas Services price target raised to $32 from $29 at Barclays
- Kodiak Gas Services price target raised to $32 from $28 at Barclays
- Kodiak Gas Services initiated with an Outperform at Mizuho