The following is a summary of the Trican Well Service Ltd. (TOLWF) Q4 2023 Earnings Call Transcript:
Financial Performance:
Trican reported Q4 revenue of $254.9 million, an increase of about 8% compared to Q4 of 2022.
The company generated positive earnings of $28.8 million in the quarter, or about $0.14 per share basic and 13% per share on a fully diluted basis.
Adjusted EBITDA was down, being $56.4 million or 22% of revenues, compared to $59.4 million or 25% of revenues in Q4 of 2022.
Free cash flow was $38.7 million, down from $47.1 million in Q4 2022.
Trican also repurchased and canceled 2.6 million shares under its NCIB program.
Business Progress:
Trican is expanding its cementing services and anticipates market choppiness during the summer.
The company follows a modernization strategy, upgrading its equipment and systems.
Opportunities are anticipated in the Duvernay area and with the expected commencement of facilities, a rise in LNG drilling activity is expected next year.
Trican's board has approved an increased dividend for the quarter.
The fifth Tier 4 fleet is now operational, indicating the company's ongoing efforts for infrastructure enhancement.
More details: TRICAN WELL SERVICE IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.