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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.
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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