Business
Trican Reports Second Quarter Results for 2024 and Declares Quarterly Dividend
Calgary, Alberta--(Newsfile Corp. - July 30, 2024) - Trican Well Service Ltd. (TSX: TCW) ("Trican...
About this update from Trican Well Service Ltd.
[{"type":"text","content":"\nTrican Reports Second Quarter Results for 2024 and Declares Quarterly DividendCalgary, Alberta--(Newsfile Corp. - July 30, 2024) - Trican Well Service Ltd. (TSX: TCW) (\"Trican\" or the \"Company\") is pleased to announce its second quarter results for 2024. 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 for the three and six months ended June 30, 2024, as well as the Annual Information Form (\"AIF\") for the year ended December 31, 2023. All of these documents are available on SEDAR+ at www.sedarplus.ca.SECOND QUARTER HIGHLIGHTSTrican's results for the second quarter compared to the prior year period improved with an increase in operating activity resulting in improvements in all major financial categories: Revenue was $211.8 million for the three months ended June 30, 2024, a 26% increase compared to $168.2 million for the three months ended June 30, 2023.Adjusted EBITDAS1 and adjusted EBITDA1 for the three months ended June 30, 2024 were $45.2 million and $40.7 million, compared to $32.9 million and $31.9 million, respectively, for the three months ended June 30, 2023.Free cash flow1 and free cash flow per share1 for the three months ended June 30, 2024 were $20.9 million, $0.10 per share basic and diluted compared to $20.2 million, $0.09 per share basic and diluted for the three months ended June 30, 2023. Profit and profit per share for the three months ended June 30, 2024 were $16.2 million, $0.08 per share basic and diluted compared to $9.8 million, $0.05 per share basic and $0.04 per share diluted for the three months ended June 30, 2023.The Company's balance sheet remains strong with positive working capital, including cash, of $148.4 million at June 30, 2024 compared to $153.2 million at December 31, 2023, providing significant financial flexibility. As at June 30, 2024, the Company had a cash balance of $36.0 million (December 31, 2023 - $88.8 million). The decrease in cash is the result of working capital requirements, tax installments, capital expenditures and return of capital initiatives. As at June 30, 2024, the Company had no loans and borrowings (December 31, 2023 - nil). OPERATIONAL HIGHLIGHTOn July 25, 2024, the Company entered into a partnership with Source Energy Se...