CALGARY, Alberta, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Total Energy Services Inc. ("Total Energy” or the "Company”) (TSX:TOT) announces its consolidated financial results for the three and nine months ended September 30, 2024.
Financial Highlights
($000's except per share data)
| Three months ended September 30 | Nine months ended
September 30 | ||||||||||||
| 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||
| Revenue | $ | 241,940 | $ | 232,016 | 4 | % | $ | 659,960 | $ | 678,638 | (3 | %) | |
| Operating income | 27,308 | 23,691 | 15 | % | 63,950 | 61,112 | 5 | % | |||||
| EBITDA (1) | 50,543 | 44,955 | 12 | % | 131,280 | 123,685 | 6 | % | |||||
| Cashflow | 48,091 | 40,784 | 18 | % | 119,022 | 118,864 | - | ||||||
| Net income | 19,706 | 19,237 | 2 | % | 50,623 | 49,455 | 2 | % | |||||
| Attributable to shareholders | 19,731 | 19,231 | 3 | % | 50,685 | 49,472 | 2 | % | |||||
| Per Share Data (Diluted) | |||||||||||||
| EBITDA (1) | $ | 1.28 | $ | 1.10 | 16 | % | $ | 3.27 | $ | 3.00 | 9 | % | |
| Cashflow | $ | 1.22 | $ | 1.00 | 22 | % | $ | 2.97 | $ | 2.88 | 3 | % | |
| Attributable to shareholders: | |||||||||||||
| Net income | $ | 0.50 | $ | 0.47 | 6 | % | $ | 1.26 | $ | 1.20 | 5 | % | |
| Common shares (000's)(4) | |||||||||||||
| Basic | 38,802 | 40,149 | (3 | %) | 39,385 | 40,555 | (3 | %) | |||||
| Diluted | 39,489 | 40,961 | (4 | %) | 40,086 | 41,291 | (3 | %) | |||||
| September 30 | December 31 | ||||||||||||
| Financial Position at | 2024 | 2023 | Change | ||||||||||
| Total Assets | $ | 963,743 | $ | 861,658 | 12 | % | |||||||
| Long-Term Debt and Lease Liabilities (excluding current portion) | 104,997 | 100,834 | 4 | % | |||||||||
| Working Capital (2) | 97,274 | 123,439 | (21 | %) | |||||||||
| Net Debt (3) | 7,723 | - | nm | ||||||||||
| Shareholders' Equity | 561,211 | 530,758 | 6 | % | |||||||||
nm - calculation not meaningful
Total Energy's results for the three months ended September 30, 2024 represent record quarterly financial results. Substantial share repurchases over the past year amplified the results on a fully diluted per share basis. Underpinning these record results were stable industry conditions in Canada and Australia, the acquisition of Saxon Energy Services Australia Pty Ltd. ("Saxon”) on March 7, 2024 and continued strong North American demand for compression and process equipment that more than offset a year over year decline in drilling and completion activity in the United States.
Contract Drilling Services ("CDS”)
| Three months ended
September 30 | Nine months ended
September 30 | |||||||||||||||
| 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||
| Revenue | $ | 86,634 | $ | 75,815 | 14 | % | $ | 235,734 | $ | 212,633 | 11 | % | ||||
| EBITDA (1) | $ | 20,563 | $ | 21,670 | (5 | %) | $ | 57,414 | $ | 51,830 | 11 | % | ||||
| EBITDA (1) as a % of revenue | 24 | % | 29 | % | (17 | %) | 24 | % | 24 | % | - | |||||
| Operating days(2) | 2,836 | 2,880 | (2 | %) | 7,687 | 7,723 | - | |||||||||
| Canada | 1,861 | 2,009 | (7 | %) | 4,954 | 5,023 | (1 | %) | ||||||||
| United States | 328 | 535 | (39 | %) | 1,033 | 1,696 | (39 | %) | ||||||||
| Australia | 647 | 336 | 93 | % | 1,700 | 1,004 | 69 | % | ||||||||
| Revenue per operating day(2), dollars | $ | 30,548 | $ | 26,325 | 16 | % | $ | 30,667 | $ | 27,532 | 11 | % | ||||
| Canada | 25,026 | 24,522 | 2 | % | 26,137 | 25,668 | 2 | % | ||||||||
| United States | 27,829 | 28,540 | (2 | %) | 28,566 | 28,326 | 1 | % | ||||||||
| Australia | 47,808 | 33,577 | 42 | % | 45,144 | 35,522 | 27 | % | ||||||||
| Utilization | 29 | % | 33 | % | (12 | %) | 27 | % | 30 | % | (10 | %) | ||||
| Canada | 27 | % |
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