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In light of lower than expected customer activity, the Company is updating its financial expectations for the year. The Company does see signals of an improving North America onshore environment from currently depressed rig counts; however, fourth quarter results are expected to be heavily influenced by weather events and customer plans at year end which could cause results to vary from expectations. Additionally, updated capital expenditure guidance reflects additional purchases of capital equipment associated with the recently signed customer agreement and pump refurbishments. The Company anticipates resuming quarter over quarter growth in 2024 when a more supportive industry backdrop comes into focus. A summary of Company guidance follows representing current views which are subject to change.
|
($ in Millions) |
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FY 2022 Actual |
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Updated FY 2023 Forecast |
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Revenue |
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$608.5 |
|
$630 - $640 |
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Adjusted EBITDA |
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$79.5 |
|
$85 - $90 |
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Free Cash Flow (exclusive of pumping assets) |
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$30.7 |
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$45 - $55 |
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Capital Expenditures and Leases (exclusive of pumping assets) |
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$19.1 |
|
$35 - $40 |
Posted In: RNGR
