Business
Trican Reports Annual Results for 2022 and Declares Quarterly Dividend
Calgary, Alberta--(Newsfile Corp. - February 22, 2023) - Trican Well Service Ltd. ( TSX: TCW ) ...
About this update from Trican Well Service Ltd.
[{"type":"text","content":"Trican Reports Annual Results for 2022 and Declares Quarterly DividendCalgary, Alberta--(Newsfile Corp. - February 22, 2023) - Trican Well Service Ltd. (TSX: TCW) (\"Trican\" or the \"Company\") is pleased to announce its annual results for 2022 and declaration of a quarterly dividend. The following news release should be read in conjunction with Management's Discussion and Analysis (\"MD&A\"), the audited annual consolidated financial statements and related notes of Trican for the year ended December 31, 2022, as well as the Annual Information Form (\"AIF\") for the year ended December 31, 2022. All of these documents are available on SEDAR at www.sedar.com.DECLARATION OF QUARTERLY DIVIDENDThe Company has added an additional component to its return of capital strategy by instituting a quarterly dividend program. On February 22, 2023, the Company's board of directors approved a quarterly dividend of $0.04 per share with the first quarterly distribution to be made on March 31, 2023 to shareholders of record as of the close of business on March 15, 2023. The dividends are designated as eligible dividends for Canadian income tax purposes.\"We believe that adding a modest and sustainable dividend to our return of capital strategy demonstrates our commitment to delivering significant returns to our shareholders. We also remain committed to our share buyback program and believe our ability to deliver a multi-layered return of capital strategy while maintaining a strong balance sheet will lead to long-term value creation for our shareholders,\" commented Brad Fedora, President and Chief Executive Officer. 2022 HIGHLIGHTSTrican's results for the year improved with stronger industry activity and a more constructive pricing environment resulting in improvements in all major financial categories:Revenue was $866.3 million for the year ended December 31, 2022, a 54% increase compared to $562.5 million for the year ended December 31, 2021.Adjusted EBITDAS1 and adjusted EBITDA1 for the year ended December 31, 2022 were $197.8 million and $188.5 million, compared to $106.1 million and $101.6 million, respectively, for the year ended December 31, 2021. Free cash flow1 for the year ended December 31, 2022 was $157.0 million compared to $79.4 million for the year ended December 31, 2021.Profit from continuing operations for the year ended Dec...