Archrock Q4 2023 Earnings Report
Key Takeaways
Archrock reported a strong fourth quarter and full year 2023, with revenue increasing to $259.6 million for the quarter and $990.3 million for the year. Net income also saw a substantial rise, reaching $33.0 million for the quarter and $105.0 million for the year. The company's adjusted EBITDA reached $120.3 million for the quarter and $450.4 million for the year. The company provided 2024 guidance with Adjusted EBITDA expected between $500 million and $530 million.
Revenue for Q4 2023 increased to $259.6 million, compared to $218.9 million in Q4 2022.
Net income for Q4 2023 was $33.0 million, a significant increase from $10.5 million in Q4 2022.
Adjusted EBITDA for Q4 2023 rose to $120.3 million, up from $89.0 million in Q4 2022.
The company achieved a record period-end utilization of 96% in Q4 2023, compared to 93% in Q4 2022.
Archrock
Archrock
Archrock Revenue by Segment
Forward Guidance
Archrock expects 2024 Adjusted EBITDA between $500 million and $530 million and 2024 total capex between $275 million and $290 million.
Positive Outlook
- Adjusted EBITDA is expected to increase by 14% compared to 2023.
- Growth in contract operations revenue and gross margin is expected to drive the increase.
- Total capex is expected to be between $275 million and $290 million compared to $299 million in 2023.
- Growth capex is anticipated to be between $175 million and $180 million.
- Capital expenditures are expected to be fully funded by operations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income