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Ranger Energy Services
🇺🇸 NYSE:RNGR
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Jun 30, 2021

Ranger Energy Services Q2 2021 Earnings Report

Ranger Energy Services reported an increase in revenue across all segments and executed two strategic acquisitions, Patriot Well Solutions and PerfX Wireline Services.

Key Takeaways

Ranger Energy Services, Inc. announced its Q2 2021 results, featuring a 31% sequential growth in revenue with increases across all segments. The company reported a net loss of $9.1 million and an adjusted EBITDA of $2.0 million, inclusive of $1.0 million of make-ready expenses for rigs.

Completed Patriot and PerfX (Q3) acquisitions, significantly expanding wireline scale and scope.

Experienced 31% sequential growth in revenue with increases across all segments.

High Spec Rig segment posted recent high levels of both revenue and margin.

Executed two acquisitions, Patriot Well Solutions and PerfX Wireline Services (Q3), expanding the wireline fleet and strengthening service offerings.

Total Revenue
$50M
Previous year: $30.7M
+62.9%
EPS
-$0.59
Previous year: -$0.58
+1.7%
Adjusted EBITDA
$2M
Previous year: $3.2M
-37.5%
Gross Profit
-$2.3M
Previous year: -$2.6M
-11.5%
Cash and Equivalents
$3.4M
Previous year: $6M
-43.3%
Free Cash Flow
-$3.6M
Previous year: $14.6M
-124.7%
Total Assets
$251M
Previous year: $248M
+1.0%

Ranger Energy Services

Ranger Energy Services

Ranger Energy Services Revenue by Segment

Forward Guidance

Ranger Energy Services anticipates additional revenue and margin gains in the third and fourth quarters, driven by momentum in the High Spec Rig segment and the integration of recent acquisitions.

Positive Outlook

  • Expecting additional revenue and margin gains in Q3 and Q4.
  • High Spec Rig segment delivered strong sequential revenue growth.
  • Margin performance equaled historic peaks in the High Spec Rig segment.
  • Integration of Patriot Well Solutions and PerfX Wireline Services expected to positively impact results.
  • Anticipate further market acknowledgement of Ranger's efficient, low-cost structure.

Challenges Ahead

  • Wireline business margin performance continues to underperform due to low completion pricing levels.
  • Net loss increased due to decreased gross profits in Completions and Processing Solutions segments.
  • Increased general and administrative expenses driven by transaction related expenses.
  • Operating loss increased in Completion and Other Services segment due to decreased profit margins.
  • Operating loss increased in Processing Solutions segment due to decreased gross profit margins.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Ranger Energy Services