The following is a summary of the Total Energy Services Inc. (TOTZF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Total Energy Services reported a 14% decrease in consolidated revenue for Q1 2024 compared to the same period last year, due to lower drilling activity in the U.S. and extended wet weather in Australia.

• The company reported a 28% consolidated gross margin, an increase from 25% a year before.

• Despite revenue decrease, CDS segment's Q1 EBITDA increased 10% year-over-year due to price increases, rig upgrades and cost management.

• Company ended quarter with a positive working capital of $124.4 million, including $45 million in cash.

Business Progress:

• Company acquired Saxon Energy Services Australia, strengthening CDS segment operations.

• A 13% increase in the company's dividend approved by the board.

• Total Energy Services anticipate significant growth in the CPS segment's compression rental fleet and plans to introduce new rigs in Australia.

• Company is working on increasing throughput without adding capacity by utilizing physical floor space creatively and adding shifts.

• Significant investment in rental group should help enhance other lines of equipment with adequate supply.

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