NASDAQ$CHX
ChampionX Corporation · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
ChampionX's financial performance in Q2 2023 reflected revenue of $926.6 million and net income of $95.8 million.
ChampionX reported Q2 2023 results with revenue of $926.6 million and net income attributable to ChampionX of $95.8 million. Adjusted EBITDA was $186.2 million. The company generated strong free cash flow of $88.8 million and repurchased $51.2 million of common stock, returning 76% of free cash flow to shareholders.
- Revenue was $926.6 million, a 1% year-over-year decrease.
- Net income attributable to ChampionX was $95.8 million, a 250% year-over-year increase.
- Adjusted EBITDA was $186.2 million, a 35% year-over-year increase.
- Free cash flow was $88.8 million.
Headline financials
Revenue & EPS history
ChampionX · Revenue · Quarterly
$927M
Revenue by segment
ChampionX · $910M total across 4 segments · Q2 2023
- Production Chemical Tech$574M+4.0%63.1%
- Production & Automation Tech$254M+4.9%27.9%
- Drilling Technologies$57.3M-0.9%6.3%
- Reservoir Chemical Tech$23.9M-45.9%2.6%
Forward guidance
ChampionX expects Q3 2023 revenue to be between $960 million and $990 million, and adjusted EBITDA between $199 million and $207 million. They anticipate delivering an adjusted EBITDA exit rate of 21% in Q4 2023 and expect to convert at least 50% of adjusted EBITDA to free cash flow for the full year, with a commitment to returning at least 60% of free cash flow to shareholders.
Tailwinds
- Expected increase in international businesses.
- Continued positive momentum in North American production-oriented businesses.
- Good volume pick-up in July as factors impacting Q2 volumes resolve.
- Focus on driving margin expansion.
- Strong cash generation.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 12 quarterly earnings reports · overlaid with Q2 2023
+0.7%
Avg return
Earnings day
+0.3%
Avg return
5 days after
+3.6%
Avg return
30 days after
56%
19 / 34 earnings
Positive
+20.5%
Q3 2022
Best reaction
-11.8%
Q4 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | — | — | — | |
| Q3 2025 | — | — | — | |
| Q2 2025 | — | — | — | |
| Q1 2025 | -2.2% | -0.4% | -2.3% | |
| Q4 2024 | -0.6% | +0.3% | +1.2% | |
| Q3 2024 | -1.8% | -1.5% | +5.5% | |
| Q2 2024 | -2.0% | -2.4% | -8.0% | |
| Q1 2024 | -0.3% | -1.7% | -6.5% | |
| Q4 2023 | +10.4% | +10.2% | +19.1% | |
| Q3 2023 | -8.4% | -12.6% | -13.2% | |
| Q2 2023 | +0.2% | +1.3% | +3.6% | |
| Q1 2023 | +0.1% | +1.4% | +2.7% | |
| Q4 2022 | -11.8% | -10.2% | -0.0% | |
| Q3 2022 | +20.5% | +17.3% | +27.5% | |
| Q2 2022 | -1.8% | +1.7% | +12.9% | |
| Q1 2022 | -1.6% | — | — | |
| Q4 2021 | -4.5% | — | — | |
| Q3 2021 | +2.8% | — | — | |
| Q2 2021 | +6.8% | — | — | |
| Q1 2021 | +4.8% | — | — | |
| Q4 2020 | +10.1% | — | — | |
| Q3 2020 | +5.5% | — | — | |
| Q2 2020 | +3.5% | — | — | |
| Q1 2020 | +5.9% | — | — | |
| Q4 2019 | -11.7% | — | — | |
| Q3 2019 | +0.5% | — | — | |
| Q2 2019 | +2.4% | — | — | |
| Q1 2019 | +1.5% | — | — | |
| Q4 2016 | +0.5% | — | — | |
| Q4 2018 | +0.5% | — | — | |
| Q3 2017 | +0.7% | — | — | |
| Q3 2018 | +0.7% | — | — | |
| Q2 2017 | +4.9% | — | — | |
| Q2 2018 | -1.2% | — | — | |
| Q1 2017 | -3.2% | — | — | |
| Q4 2017 | -3.2% | — | — | |
| Q1 2018 | -3.2% | — | — |
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