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
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