NASDAQ$KLXE
KLX Energy Services Holdings Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
KLX Energy Services Holdings, Inc. reported a net loss for Q4 2023, but annual revenue, Adjusted EBITDA, and free cash flow reached record levels.
KLX Energy Services Holdings, Inc. reported Q4 2023 financial results, including revenue of $194 million and a net loss of $(9) million. Despite the quarterly loss, the company achieved record annual revenue, Adjusted EBITDA, and free cash flow for the full year 2023.
- Revenue for the fourth quarter of 2023 totaled $194 million, a decrease of 12.0% compared to the third quarter.
- Net loss for the fourth quarter of 2023 was $(9) million, compared to fourth quarter 2022 net income of $13.2 million.
- Adjusted EBITDA for the fourth quarter of 2023 was $23.0 million, compared to fourth quarter 2022 Adjusted EBITDA of $37.3 million.
- Adjusted EBITDA margin for the fourth quarter of 2023 was 11.8%, compared to fourth quarter 2022 Adjusted EBITDA margin of 16.7%.
Headline financials
Revenue & EPS history
KLX Energy Services · Revenue · Quarterly
$194M
Revenue by segment
KLX Energy Services · $221M total across 3 segments · Q3 2023
- Southwest$77.8M+13.6%35.3%
- Rocky Mountains$77M+15.8%34.9%
- Northeast/Mid-Con$65.8M-24.0%29.8%
Forward guidance
The company expects the first quarter results to be negatively impacted by normalized seasonality, the Polar Vortex in January and safety standdowns for two separate customers due to non-KLX safety incidents. Based on current schedules, KLX expects to exit the first quarter on a strong monthly run-rate and to approach 2023 levels of quarterly revenue and Adjusted EBITDA in the second quarter and beyond.
Tailwinds
- Expect to exit the first quarter on a strong monthly run-rate
- Approach 2023 levels of quarterly revenue in the second quarter and beyond
- Approach 2023 levels of Adjusted EBITDA in the second quarter and beyond
- Forward natural gas strip is highly constructive into 2025 and 2026 due to the much-anticipated incremental LNG offtake demand
- Global LNG demand is expected to double over the next two years and we believe this increase will drive incremental natural gas-directed activity that will ultimately lift and support service pricing and utilization across all basins
Headwinds
- First quarter results to be negatively impacted by normalized seasonality
- First quarter results to be negatively impacted by the Polar Vortex in January
- First quarter results to be negatively impacted by safety standdowns for two separate customers due to non-KLX safety incidents
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q4 2023
-2.4%
Avg return
Earnings day
-4.2%
Avg return
5 days after
-7.0%
Avg return
30 days after
39%
13 / 33 earnings
Positive
+28.4%
Q1 2020
Best reaction
-27.4%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +10.4% | -2.3% | — | |
| Q4 2025 | -9.2% | -12.0% | +35.6% | |
| Q3 2025 | -8.3% | -11.7% | -15.7% | |
| Q1 2025 | -15.0% | -4.3% | -14.6% | |
| Q4 2024 | -6.0% | -7.8% | -54.2% | |
| Q3 2024 | -5.8% | -2.4% | +33.7% | |
| Q2 2024 | +5.6% | +5.6% | +8.0% | |
| Q1 2024 | -9.7% | -16.5% | -29.5% | |
| Q4 2023 | -1.7% | -8.9% | -19.8% | |
| Q3 2023 | -6.6% | -6.1% | -12.3% | |
| Q2 2023 | +7.5% | +2.3% | +1.0% | |
| Q1 2023 | +12.0% | +8.5% | -4.9% | |
| Q4 2022 | +7.6% | -6.6% | -15.1% | |
| Q3 2022 | -5.3% | -3.1% | -23.9% | |
| Q2 2022 | +15.0% | +10.8% | +16.1% | |
| Q1 2022 | -5.3% | -23.1% | +25.0% | |
| Q4 2021 | -8.7% | -25.8% | -45.2% | |
| Q3 2021 | -11.4% | -22.8% | +6.9% | |
| Q2 2021 | +0.5% | -11.6% | -22.0% | |
| Q1 2021 | -22.0% | -28.9% | -34.7% | |
| Q4 2020 | -26.2% | -43.0% | -13.9% | |
| Q3 2020 | +6.5% | -4.0% | -6.5% | |
| Q2 2020 | -14.8% | -15.2% | -47.2% | |
| Q1 2020 | +28.4% | +66.7% | +3.4% | |
| Q4 2019 | -27.4% | -19.0% | -37.4% | |
| Q3 2019 | +4.7% | +31.8% | +4.2% | |
| Q2 2019 | -10.3% | -6.3% | -12.0% | |
| Q1 2019 | -9.2% | -9.2% | -16.5% | |
| Q1 2017 | -5.3% | -2.0% | +5.6% | |
| Q4 2017 | -5.3% | -2.0% | +5.6% | |
| Q4 2018 | +4.4% | -0.6% | +14.0% | |
| Q3 2018 | +27.4% | +26.0% | +22.9% | |
| Q2 2018 | +5.4% | +5.6% | +18.2% |
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