Ranger Energy Services (NYSE: RNGR) reported Q2 EPS of $0.21, $0.07 better than the analyst estimate of $0.14. Revenue for the quarter came in at $138.1 million versus the consensus estimate of $147.37 million.

OUTLOOK

Ranger expects modest further improvement in our third quarter results on a consolidated basis and typical seasonality in the fourth quarter, although year end customer behavior is unpredictable in current market conditions. The High Specification Rigs business is expected to grow revenues modestly year over year despite operator activity levels that have continued to decline during 2024. Our Processing and Ancillary Services segment is expected to have a strong third quarter and Wireline segment results have begun to stabilize over the past two months paving the way for a modest improvement in third quarter results. Ranger has deployed a significant amount of its expected annual capital expenditures in the first half of 2024 and expects a declining capital expenditure profile in the back half of the year.

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