Ranger Energy Services Q4 Adj. EBITDA Rises; Revenue Up 25%

Ranger Energy Services, Inc. (RNGR) reported that its fourth quarter net income was $7.6 million compared to $24.4 million, prior year. The company said the decrease in net income relative to the prior year period primarily reflects the non-recurring impact of a $37.2 million gain on bargain purchase relating to the Basic Energy Services acquisition. Earnings per share was $0.30 compared to $0.99. Adjusted EBITDA was $21.6 million, a 137% increase year-over-year.

On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.36, for the quarter. Analysts’ estimates typically exclude special items.

Fourth quarter revenue was $154.3 million, an increase of 25% from $123.1 million in the prior year period. The company said the increase in revenue primarily reflects growth in the High Specification Rigs and Processing Solutions and Ancillary Services businesses. Analysts on average had estimated $171.2 million in revenue.

For fiscal 2023, the company expects: adjusted EBITDA of $95 – $105 million, and revenue of $685 – $715 million.

The Board of Ranger Energy Services determined that it is in the best interests of the company and its stockholders to reduce the size of the Board from 9 to 7 members. Byron Dunn, who joined the Ranger Board in 2020, has decided not to stand for re-election at the Annual General Meeting. Gerald Cimador, who joined the Ranger Board in 2017, has submitted his resignation to be effective at the Annual General Meeting.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

Source: Read Full Article