- Ring Energy press release (NYSE:REI): Q1 Non-GAAP EPS of $0.14 misses by $0.06.
- Revenue of $88.08M (+29.2% Y/Y) misses by $6.21M.
- Generated record Adjusted EBITDA of $58.6 million for the first quarter of 2023, which was 4% higher than the previous record set in the fourth quarter of 2022 of $56.3 million;
Adjusted EBITDA was $58.6 million for the first quarter of 2023, up 4% from $56.3 million for the fourth quarter of 2022, and 65% higher than $35.6 million for the first quarter of 2022.
Free Cash Flow for the first quarter of 2023 was $10.5 million, which was 92% higher than $5.5 million for the fourth quarter of 2022. First quarter 2023 Free Cash Flow decreased 16% from $12.6 million for the first quarter of 2022
- Provided guidance for the second quarter and reiterated its full year 2023 outlook for sales volumes, operating expenses and capital spending;
- Expects second quarter 2023 sales volumes of 17,900 to 18,400 Boe/d and full year 2023 sales volumes of 17,800 to 18,800 Boe/d; and
Ring Energy Non-GAAP EPS of $0.14 misses by $0.06, revenue of $88.08M misses by $6.21M
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Ring Energy, Inc. |