Ranger Energy Services Inc · Q1 2023 earnings

Briefing

Ranger Energy Services reported strong year-over-year growth across all segments, driven by increased activity and pricing.

Ranger Energy Services reported a revenue of $157.5 million, a 27% increase compared to Q1 2022. Net income was $6.2 million, or $0.25 per fully diluted share, up from a net loss of $5.7 million, or $0.31 loss per share in Q1 2022. Adjusted EBITDA was $20.1 million, a 109% increase from $9.6 million in Q1 2022. The company initiated a share repurchase program as part of its capital return program and generated positive free cash flow of $12.0 million.

• Revenue increased by 27% year-over-year to $157.5 million.
• Net income improved to $6.2 million, or $0.25 per share, compared to a net loss of $5.7 million, or $0.31 per share, in the prior year.
• Adjusted EBITDA increased by 109% year-over-year to $20.1 million.
• The company reduced Adjusted Net Debt by $13.1 million and initiated a share repurchase program.

Headline financials

Revenue & EPS history

The Company’s full-year 2023 financial guidance is unchanged and continues to reflect revenue growth and improved Adjusted EBITDA margins resulting from efforts to improve asset utilization and operating efficiency. The Company continues to expect full-year 2023 free cash flow conversion to be approximately 60%.