NYSE$RNGR
Ranger Energy Services Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Announced Q4 2023 and full year 2023 results, reporting revenue of $151.5 million and net income of $2.1 million for the quarter.
Ranger Energy Services reported Q4 2023 results with revenue of $151.5 million and net income of $2.1 million. The company's performance was impacted by customer budget exhaustion and holiday slowdowns, but the high specification rigs business showed stability.
- Q4 revenue was $151.5 million, a decrease from $154.3 million in the prior year period.
- Net income totaled $2.1 million for the fourth quarter of 2023, compared to $7.6 million in the prior year period.
- Adjusted EBITDA was $18.4 million for the fourth quarter of 2023, a decrease from $21.6 million in the prior year period.
- The company ended the fourth quarter with $0.1 million of debt and $15.7 million of cash and cash equivalents and liquidity in excess of $85 million.
Headline financials
Revenue & EPS history
Ranger Energy Services · Revenue · Quarterly
$152M
Revenue by segment
Ranger Energy Services · $164M total across 3 segments · Q3 2023
- High Specification Rigs$79.2M-0.6%48.2%
- Wireline Services$53.2M-12.2%32.4%
- Processing Solutions$32M-12.8%19.5%
Forward guidance
Ranger expects that operator activity levels are unlikely to grow meaningfully during 2024 while supply and demand dynamics and future global economic activity remain uncertain.
Tailwinds
- Activity began to ramp in the back half of February after a slow start to the year due to weather impacts and non-Ranger related safety events and shutdowns.
- Ranger has also expanded work with the key blue-chip customer agreement announced in 2023 and is optimistic that additional growth opportunities will result from this work and other opportunities.
- Ranger’s production focused business model demonstrated its cyclical resilience in 2023 and underpins a 2024 budget that includes modest growth year over year dependent on operator behavior remaining stable.
- Converting 60% of EBITDA to free cash flow(1) through efficient use of capital expenditures will continue to allow Ranger to provide strong return of capital to shareholders during the year.
Headwinds
- Operator activity levels are unlikely to grow meaningfully during 2024.
- Supply and demand dynamics and future global economic activity remain uncertain.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
-1.0%
Avg return
Earnings day
-0.9%
Avg return
5 days after
+1.1%
Avg return
30 days after
39%
14 / 36 earnings
Positive
+15.4%
Q3 2020
Best reaction
-20.1%
Q3 2017
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -6.4% | -6.9% | -17.6% | |
| Q4 2025 | -2.9% | -4.4% | -3.7% | |
| Q3 2025 | -0.7% | +0.1% | +3.9% | |
| Q2 2025 | -1.4% | +0.3% | +7.1% | |
| Q1 2025 | -12.1% | -5.8% | -15.6% | |
| Q4 2024 | -2.1% | -9.7% | -18.2% | |
| Q3 2024 | +3.3% | +6.7% | +33.8% | |
| Q2 2024 | +12.0% | +4.9% | +8.9% | |
| Q1 2024 | +1.6% | +0.4% | +0.4% | |
| Q4 2023 | +4.9% | +4.4% | +8.9% | |
| Q3 2023 | -11.4% | -12.6% | -26.4% | |
| Q2 2023 | +6.6% | +19.5% | +17.0% | |
| Q1 2023 | -2.8% | -1.3% | -1.6% | |
| Q4 2022 | +2.6% | +2.2% | -2.9% | |
| Q3 2022 | +3.7% | +5.2% | +10.8% | |
| Q2 2022 | -3.0% | -3.5% | +7.6% | |
| Q1 2022 | +6.3% | -1.8% | +14.1% | |
| Q4 2021 | +9.6% | +7.4% | -5.8% | |
| Q3 2021 | -0.8% | +0.6% | -2.2% | |
| Q2 2021 | -3.1% | -9.7% | -10.7% | |
| Q1 2021 | +3.1% | +7.8% | +35.0% | |
| Q4 2020 | +3.0% | +7.1% | +3.9% | |
| Q3 2020 | +15.4% | +6.1% | +29.6% | |
| Q2 2020 | -10.7% | -11.0% | -7.1% | |
| Q1 2020 | -1.3% | -6.9% | -7.3% | |
| Q4 2019 | -1.6% | -2.0% | -44.5% | |
| Q3 2019 | -5.7% | +0.0% | +33.4% | |
| Q2 2019 | -14.6% | -11.2% | -10.0% | |
| Q1 2019 | +7.5% | +4.2% | -14.4% | |
| Q4 2018 | -2.2% | +0.8% | +34.0% | |
| Q3 2018 | -0.3% | +11.3% | +15.5% | |
| Q2 2018 | -6.8% | -3.8% | -10.3% | |
| Q1 2018 | -2.8% | -2.3% | +2.5% | |
| Q4 2017 | -4.0% | -8.3% | -20.7% | |
| Q3 2017 | -20.1% | -21.4% | -12.2% | |
| Q2 2017 | +2.6% | +2.3% | +3.5% | |
| Q1 2017 | — | — | — | |
| Q4 2016 | — | — | — | |
| Q3 2016 | — | — | — | |
| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — |
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