Archrock Q1 2023 Earnings Report
Key Takeaways
Archrock reported strong Q1 2023 results with revenue increasing to $229.8 million and net income rising to $16.5 million. The company achieved a record utilization rate of 94% and is trending towards the high-end of its Adjusted EBITDA guidance range.
Revenue increased to $229.8 million compared to $197.2 million in Q1 2022.
Net income increased to $16.5 million compared to $1.7 million in Q1 2022.
Adjusted EBITDA increased to $97.2 million compared to $81.4 million in Q1 2022.
Record period-end utilization of 94% was achieved compared to 84% in Q1 2022.
Archrock
Archrock
Archrock Revenue by Segment
Forward Guidance
Archrock is trending toward the high-end of 2023 Adjusted EBITDA guidance range of $400 million to $430 million and expects to reduce leverage ratio to below 4.0 times this year.
Positive Outlook
- Strong customer demand driving utilization.
- Meaningful growth in quarterly revenue.
- Meaningful growth in gross margin.
- Meaningful growth in Adjusted EBITDA.
- Robust multi-year outlook for natural gas and compression.
Revenue & Expenses
Visualization of income flow from segment revenue to net income