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Ranger Energy Services
🇺🇸 NYSE:RNGR
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Jun 30, 2023

Ranger Energy Services Q2 2023 Earnings Report

Ranger Energy Services reported strong financial performance in Q2 2023, with revenue and adjusted EBITDA increasing despite commodity price headwinds. The company achieved net debt zero and initiated a quarterly dividend.

Key Takeaways

Ranger Energy Services announced a 6% increase in revenue and a 22% increase in adjusted EBITDA compared to the second quarter of 2022. The company reported net income of $6.1 million, or $0.24 per fully diluted share. They also achieved their goal of becoming net debt zero and initiated a quarterly dividend of $0.05 per share.

Revenue increased by 6% year-over-year to $163.2 million.

Net income rose to $6.1 million, or $0.24 per share, compared to a net loss of $0.4 million in the prior year.

Adjusted EBITDA increased by 22% year-over-year to $21.9 million.

The company achieved net debt zero and initiated a quarterly dividend of $0.05 per share.

Total Revenue
$163M
Previous year: $154M
+6.3%
EPS
$0.24
Previous year: -$0.02
-1300.0%
Adjusted EBITDA
$21.9M
Previous year: $18M
+21.7%
Gross Profit
$18.2M
Previous year: $12.2M
+49.2%
Cash and Equivalents
$6.4M
Previous year: $5.1M
+25.5%
Free Cash Flow
$16M
Previous year: $19.9M
-19.6%
Total Assets
$365M
Previous year: $386M
-5.4%

Ranger Energy Services

Ranger Energy Services

Ranger Energy Services Revenue by Segment

Forward Guidance

Based on the most recent forecasts, the Company believes that its Adjusted EBITDA and Free Cash Flow guidance, remain achievable at the lower end of the published ranges. Guidance ranges have been narrowed and adjusted accordingly. The third quarter is anticipated to be similar to the prior year and the fourth quarter is anticipated to be improved from the prior year barring any extreme weather events. The Company continues to expect full-year 2023 free cash flow conversion to be approximately 60%.

Positive Outlook

  • Adjusted EBITDA guidance remains achievable at the lower end of the published ranges.
  • Free Cash Flow guidance remains achievable at the lower end of the published ranges.
  • Third quarter is anticipated to be similar to the prior year.
  • Fourth quarter is anticipated to be improved from the prior year.
  • Full-year 2023 free cash flow conversion is expected to be approximately 60%.

Challenges Ahead

  • Guidance ranges have been narrowed and adjusted accordingly.
  • Guidance is subject to change.
  • Extreme weather events could impact the fourth quarter.
  • The company is exposed to commodity price risk.
  • The company faces reduced activity headwinds.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Ranger Energy Services