Business
PHX Energy Announces All-Time Record Fourth Quarter and Annual Revenue and Strong Financial Results
CALGARY, Alberta, Feb. 25, 2025 (GLOBE NEWSWIRE) -- Fourth Quarter Highlights For t...
About this update from Phx Energy Services Corp.
[{"type":"text","content":"PHX Energy Announces All-Time Record Fourth Quarter and Annual Revenue and Strong Financial Results\n\n\n\n CALGARY, Alberta, Feb. 25, 2025 (GLOBE NEWSWIRE) --\n \n\n\n Fourth Quarter Highlights\n \n\n\n\n For the three-month period ended December 31, 2024, PHX Energy generated consolidated revenue of $178.7 million, the highest level of fourth quarter revenue on record and the highest level of quarterly revenue in the Corporation’s history. Consolidated revenue in the 2024-quarter included $10 million of motor rental revenue and $5.3 million of revenue generated from the sale of motor equipment and parts (2023 - $10.3 million and $0.9 million, respectively).\n \n\n PHX Energy’s US division revenue in the fourth quarter of 2024 was $132.3 million, 8 percent higher than the $122.1 million generated in the fourth quarter of 2023 and the highest level of US quarterly revenue on record. US division revenue in the 2024-quarter represented 74 percent of consolidated revenue (2023 – 74 percent).\n \n\n PHX Energy’s Canadian division reported $46.3 million of quarterly revenue, 7 percent higher compared to $43.3 million in the 2023-quarter and the highest level of fourth quarter revenue for the Canadian division since 2014.\n \n\n In the fourth quarter of 2024, adjusted EBITDA\n \n (1)\n \n was $29.6 million, 17 percent of consolidated revenue\n \n (\n \n\n 1\n \n\n )\n \n as compared to $35.4 million, 21 percent of consolidated revenue, in the same 2023-quarter. Included in the 2024-quarter’s adjusted EBITDA is a $2.2 million write-down of inventory to its net realizable value at the end of the 2024-period. Additionally, adjusted EBITDA in the 2024-quarter included $2.2 million in cash-settled share-based compensation expense (2023 - $4.6 million). Adjusted EBITDA excluding cash-settled share-based compensation expense\n \n (\n \n\n 1\n \n\n )\n \n in the fourth quarter of 2024 was $31.8 million, 18 percent of consolidated revenue\n \n (\n \n\n 1\n \n\n )\n \n (2023 - $40 million, 24 percent of consolidated revenue). Despite higher revenue generated in the 2024-quarter, profitability declined mainly due to generally higher equipment repair expenses, weaker activity in the Corporation’s high margin RSS and motor rental revenue streams in the US, and lower net gain on disposition of drilling equi...