Archrock (AROC) Tops Q1 EPS by 4c, raises guidance

Archrock (NYSE: AROC) reported Q1 EPS of $0.26, $0.04 better than the analyst estimate of $0.22. Revenue for the quarter came in at $268.5 million versus the consensus estimate of $260.17 million.

Guidance:
Raised 2024 Adjusted EBITDA guidance to a range of $510 million to $540 million from $500 million to $530 million.
Net income $144,000 - $174,000
Adjusted EBITDA $510,000 - $540,000
Cash available for dividend $300,000 - $320,000

Management Commentary and Outlook:

“Momentum in Archrock’s earnings power is carrying into 2024, reflecting our excellent operating execution, high-quality asset base and innovative processes and technology,” said Brad Childers, Archrock’s President and Chief Executive Officer. “We continued to deliver meaningful growth in quarterly revenue, gross margin and adjusted EBITDA. In addition, strong cash flow is funding high-return investment in our fleet and increased return of capital to investors, while we also continue to maintain a sector-leading balance sheet and excellent financial flexibility.

“As we look to the balance of 2024, we expect to sustain historically high levels of utilization, pricing and profitability. Confidence in our business and the opportunity-rich market are enabling us to raise the midpoint of our Adjusted EBITDA guidance for the full year.

“Expanding on the favorable and durable macro environment, strong oil prices are driving sustainable compression demand in our key associated gas markets, led by the Permian Basin. In addition, Archrock as well as producers, midstreamers and others in the compression industry continue to demonstrate prudent capital discipline. Longer term, we believe natural gas has tremendous potential to meet growing energy needs, particularly for LNG exports and domestic power generation and we are excited to be a crucial part of the value chain to provide cleaner, affordable and reliable energy to the U.S. and the world,” concluded Childers.

For earnings history and earnings-related data on Archrock (AROC) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Movano (MOVE) Misses Q2 EPS by 195c
• SVB & T Corporation (SVBT) Tops Q2 EPS by 275c