Business
Trican Reports Second Quarter Results for 2023 and Declares Quarterly Dividend
Calgary, Alberta--(Newsfile Corp. - August 1, 2023) - Trican Well Service Ltd. (TSX: TCW) (" Tric...
About this update from Trican Well Service Ltd.
[{"type":"text","content":"Trican Reports Second Quarter Results for 2023 and Declares Quarterly DividendCalgary, Alberta--(Newsfile Corp. - August 1, 2023) - Trican Well Service Ltd. (TSX: TCW) (\"Trican\" or the \"Company\") is pleased to announce its second 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 and six months ended June 30, 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.SECOND QUARTER HIGHLIGHTSTrican's results for the quarter compared to the prior year period improved with continued strong industry activity combined with a more consistent, lower inflationary environment leading to a more sustainable operating margin. This resulted in improvements in all major financial categories:Revenue was $168.2 million for the three months ended June 30, 2023, a 10% increase compared to $152.6 million for the three months ended June 30, 2022.Adjusted EBITDAS1 and adjusted EBITDA1 for the three months ended June 30, 2023 were $32.9 million and $31.9 million, compared to $23.6 million and $19.2 million, respectively, for the three months ended June 30, 2022.Free cash flow1 for the three months ended June 30, 2023 was $22.7 million compared to $14.6 million for the three months ended June 30, 2022. Profit for the three months ended June 30, 2023 was $9.8 million compared to $1.5 million for the three months ended June 30, 2022.Subsequent to June 30, 2023, the Company repurchased an additional 2,708,054 common shares which successfully concluded the 2022-2023 NCIB program. The Company intends to renew its NCIB program in October 2023, subject to TSX approval, as part of its ongoing return of capital strategy.The Company's balance sheet remains in excellent shape with positive working capital, including cash, of $127.8 million at June 30, 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 ex...