Business
Trican Reports First Quarter Results for 2023 and Declares Quarterly Dividend
Calgary, Alberta--(Newsfile Corp. - May 11, 2023) - Trican Well Service Ltd. (TSX: TCW) (" Trican...
About this update from Trican Well Service Ltd.
[{"type":"text","content":"Trican Reports First Quarter Results for 2023 and Declares Quarterly DividendCalgary, Alberta--(Newsfile Corp. - May 11, 2023) - Trican Well Service Ltd. (TSX: TCW) (\"Trican\" or the \"Company\") is pleased to announce its first quarter results for 2023. The following news release should be read in conjunction with Management's Discussion and Analysis (\"MD&A\"), the unaudited interim consolidated financial statements and related notes of Trican for the three months ended March 31, 2023, 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.FIRST QUARTER HIGHLIGHTSTrican's results for the quarter were significantly improved with continued strong industry and moderating inflation leading to a more sustainable margin profile resulting in improvements in all major financial categories:Revenue was $297.0 million for the three months ended March 31, 2023, a 36% increase compared to $218.9 million for the three months ended March 31, 2022.Adjusted EBITDAS1 and adjusted EBITDA1 for the three months ended March 31, 2023 were $82.9 million and $81.6 million, compared to $42.0 million and $38.9 million, respectively, for the three months ended March 31, 2022.Free cash flow1 for the three months ended March 31, 2023 was $69.5 million compared to $30.4 million for the three months ended March 31, 2022. Profit for the three months ended March 31, 2023 was $46.0 million compared to $13.3 million for the three months ended March 31, 2022.The Company's balance sheet remains in excellent shape with positive working capital, including cash, of $180.6 million at March 31, 2023 compared to $169.4 million at December 31, 2022, providing significant financial flexibility. Trican operates the newest, most technologically advanced fleet of fracturing equipment in Canada and successfully deployed Canada's first next generation fracturing fleets in 2022. This was accomplished by significantly upgrading existing equipment and incorporating CAT Tier 4 Dynamic Gas Blending (\"DGB\") engine technology. The Tier 4 DGB engine displaces up to 85% of the diesel used in a conventional pumper with cleaner burning and less expensive natural gas resulting in lower overall fuel cost and reduced carbon dioxide and particulate matter emissions. The upgrades also include...