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Mar 31, 2024
Kodiak Gas Services Q1 2024 Earnings Report
Announced first quarter 2024 results, including record adjusted EBITDA, and increased full year 2024 guidance.
Key Takeaways
Kodiak Gas Services reported a strong start to 2024, marked by steady growth and solid execution in its core contract compression business. The company's focus on the Permian and other liquids-rich, associated gas basins allowed them to deliver strong first quarter results despite soft natural gas prices. With the closing of the CSI Compressco acquisition, Kodiak now has the largest contract compression fleet in the industry.
Total revenues for the quarter were $215.5 million compared to $190.1 million in the first quarter of 2023
Core Compression Operations segment revenues increased 2% sequentially and 9% over last year’s first quarter
Net income was $30.2 million compared to a net loss of $12.3 million in the first quarter of 2023
Record quarterly Adjusted EBITDA of $117.8 million compared to $106.3 million in the first quarter of 2023
Revenue by Segment
Forward Guidance
Kodiak is providing revised guidance for the full year 2024, incorporating three quarters of the financial impact of the CSI acquisition.
Positive Outlook
- Total revenues between $1,125 million and $1,175 million.
- Adjusted EBITDA between $580 million and $610 million.
- Discretionary Cash Flow between $360 million and $390 million.
- Growth capital expenditures between $215 million and $235 million.
- Maintenance capital expenditures between $55 million and $65 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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