Business
Trican Reports Third Quarter Results for 2023, Declares Quarterly Dividend and Approved Preliminary 2024 Capital Budget
Calgary, Alberta--(Newsfile Corp. - November 9, 2023) - Trican Well Service Ltd. (TSX: TCW) (" Tr...
About this update from Trican Well Service Ltd.
[{"type":"text","content":"Trican Reports Third Quarter Results for 2023, Declares Quarterly Dividend and Approved Preliminary 2024 Capital BudgetCalgary, Alberta--(Newsfile Corp. - November 9, 2023) - Trican Well Service Ltd. (TSX: TCW) (\"Trican\" or the \"Company\") is pleased to announce its third 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 nine months ended September 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.THIRD QUARTER HIGHLIGHTSTrican's results for the quarter compared to the prior year period were only marginally down despite lower activity and a persistent inflationary environment.Revenue was $252.5 million for the three months ended September 30, 2023, a 2% decrease compared to $258.3 million for the three months ended September 30, 2022.Adjusted EBITDAS1 and adjusted EBITDA1 for the three months ended September 30, 2023 were $68.5 million and $65.7 million, compared to $72.1 million and $70.9 million, respectively, for the three months ended September 30, 2022.Free cash flow1 and free cash flow per share1 for the three months ended September 30, 2023 was $47.7 million, $0.23 per share basic and $0.22 per share diluted compared to $64.9 million, $0.27 per share basic and $0.26 per share diluted for the three months ended September 30, 2022.Profit and profit per share for the three months ended September 30, 2023 was $36.4 million, $0.17 per share basic and diluted compared to $38.2 million, $0.16 per share basic and diluted for the three months ended September 30, 2022.The Company has approved a preliminary capital budget for 2024 of $76 million, funded with available cash resources and free cash flow1.The Company's balance sheet remains in excellent shape with positive working capital, including cash, of $143.9 million at September 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. We developed our fleet by upgrading existing equipment incorporating CAT Tier 4 Dynamic Gas Blending (\...