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Jun 30, 2021
Archrock Q2 2021 Earnings Report
Reported results for the second quarter of 2021.
Key Takeaways
Archrock reported second-quarter revenue of $195.6 million and net income of $8.8 million. The company's contract operations segment saw revenue of $163.9 million, while the aftermarket services segment generated $31.8 million. Archrock is tightening its 2021 Adjusted EBITDA guidance range to $340 million to $355 million.
Second quarter revenue was $195.6 million, compared to $220.3 million in the second quarter of 2020.
Net income for the second quarter was $8.8 million, compared to a net loss of $30.4 million in the second quarter of 2020.
Adjusted EBITDA for the second quarter was $87.0 million, compared to $100.5 million in the second quarter of 2020.
Net cash provided by operating activities for the second quarter was $49.1 million and free cash flow after dividend was $9.3 million.
Archrock
Archrock
Archrock Revenue by Segment
Revenue by Segment
Contract Operations Revenue
CapyFin.comAftermarket Services Revenue
CapyFin.com Forward Guidance
Archrock is tightening its 2021 Adjusted EBITDA guidance range to $340 million to $355 million.
Positive Outlook
- Captured highest level of horsepower bookings since Q2 2019.
- Initial budget discussions with customers indicate that this booking momentum will continue building into next year.
- Customers are entering growth mode.
- Positive long-term fundamentals for the compression business remain in place.
- Modernized fleet, invested in technology and enhanced focus on ESG performance and disclosure.
Challenges Ahead
- Production-oriented infrastructure business to lag.
- Participation in the upcycle to materialize during 2022.
- Second quarter revenue was lower compared to the same period last year.
- Adjusted EBITDA was lower compared to the same period last year.
- Utilization at the end of the second quarter of 2021 was lower compared to the end of the second quarter of 2020.
Revenue & Expenses
Visualization of income flow from segment revenue to net income