Business
PHX Energy Announces All-Time Record Revenue, and Strong Profitability
CALGARY, Alberta, May 06, 2025 (GLOBE NEWSWIRE) -- First Quarter Highlights For t...
About this update from Phx Energy Services Corp.
[{"type":"text","content":"PHX Energy Announces All-Time Record Revenue, and Strong Profitability\n\n\n\n CALGARY, Alberta, May 06, 2025 (GLOBE NEWSWIRE) --\n \n\n\n\n First Quarter Highlights\n \n\n\n\n For the three-month period ended March 31, 2025, PHX Energy’s consolidated revenue increased to an all-time quarterly record of $193.7 million, which is 17 percent higher than the $166.1 million generated in the first quarter of 2024 and 8 percent greater than the previous quarterly record of $178.7 million generated in the fourth quarter of 2024. Consolidated revenue in the 2025-quarter included $11.7 million of motor rental revenue and $2.6 million of revenue generated from the sale of motor equipment and parts (2024 - $8.2 million and $2.8 million, respectively).\n \n\n In the first quarter of 2025, adjusted EBITDA\n \n (1)\n \n was $40.7 million, 21 percent of consolidated revenue\n \n (\n \n\n 1\n \n\n )\n \n , which represents a 16 percent increase from the $35 million, 21 percent of consolidated revenue, in the same 2024-quarter. Included in the 2025-quarter’s adjusted EBITDA is $2.7 million in cash-settled share-based compensation expense (2024 - $5.7 million). Adjusted EBITDA excluding cash-settled share-based compensation expense\n \n (1)\n \n in the first quarter of 2025 was $43.3 million, 22 percent of consolidated revenue\n \n (\n \n\n 1\n \n\n )\n \n (2024 - $40.7 million, 25 percent of consolidated revenue). The strong profitability in the 2025-quarter mainly resulted from growth in the Corporation’s high margin Rotary Steerable Systems (“RSS”) and motor rental revenue streams in the US and in Canada, and the reduction of equipment rentals particularly associated with RSS.\n \n\n Earnings in the 2025 three-month period were $20.2 million, $0.44 per share, as compared to $17.5 million, $0.37 per share, in the same 2024-period. Earnings in the 2025-period included depreciation and amortization expenses on drilling and other equipment of $12.6 million (pre-tax) which increased by 22 percent compared to $10.3 million (pre-tax) in the corresponding 2024-quarter as a result of fixed asset additions throughout 2024 and in the first quarter of 2025.\n \n\n In the 2025-quarter, PHX Energy’s US division achieved record quarterly revenue of $136.1 million, 19 percent higher than the $114.2 million generated in...