THE WOODLANDS, Texas, Sept. 25, 2024 (GLOBE NEWSWIRE) -- ChampionX Corporation (Nasdaq: CHX) announces the release of its 2023 corporate sustainability report. The report captures important information regarding the company's global operations and strategy to address its four environmental, social, and governance (ESG) priorities: GHG Emissions, Decarbonization Technologies, Sustainable Innovation and Digital Transformation, and Employee Attraction, Retention, and Development. "We are proud to publish the C ...

NOTE 7—RESTRUCTURING EXPENSE Our liability balance for restructuring expense at June 30, 2024 reflects contract termination costs, employee severance and related benefits initiated during prior periods. NOTE 8—STOCKHOLDERS' EQUITY On March 7, 2022, the Company announced that our Board authorized the Company to repurchase up to $250 million of its common stock which was increased by our Board to $750 million on October 24, 2022. On January 31, 2024, our Board authorized a further increase in the aggregate va ...

The reported revenue represents a surprise of -6.43% over the Zacks Consensus Estimate of $954.67 million. With the consensus EPS estimate being $0.45, the EPS surprise was -17.78%. Revenue- Production & Automation Technologies: $244.49 million versus the two-analyst average estimate of $256.26 million. The reported number represents a year-over-year change of -3.8%. Revenue- Production Chemical Technologies: $569.58 million versus $612.41 million estimated by two analysts on average. Compared to the year-a ...

This quarterly report represents an earnings surprise of -17.78%. A quarter ago, it was expected that this oil and gas drilling technology company would post earnings of $0.40 per share when it actually produced earnings of $0.50, delivering a surprise of 25%. ChampionX, which belongs to the Zacks Engineering - R and D Services industry, posted revenues of $893.27 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 6.43%. This compares to year-ago revenues of $926.6 million. The ...

Revenue Performance - Revenue for the second quarter of 2024 was $893.3 million, a decrease from $922.1 million in the previous quarter[18] - Revenue for the second quarter of 2024 was $893.3 million, a decrease from $926.6 million in the same period last year[26] - Revenue for Q2 2024 was $893 million, a decrease of 4% year-over-year and 3% sequentially, primarily impacted by a $54 million decline in Mexico[27] - Production Chemical Technologies revenue decreased by $20.5 million, or 3%, sequentially to $569.6 million, primarily due to lower sales in Mexico[6] - Reservoir Chemical Technologies revenue increased by $2.4 million, or 10%, sequentially to $27.1 million, driven by higher sales volumes[9] - Production & Automation Technologies revenue was $244.5 million, a decrease of 3% sequentially due to lower customer demand in North America[31] - Drilling Technologies revenue decreased by 4% sequentially to $52.9 million, driven by a lower worldwide rig count[32] Net Income and Profitability - Net income attributable to ChampionX was $52.6 million, down from $112.9 million in the prior quarter[18] - Net income attributable to ChampionX was $52.6 million, compared to $95.8 million in June 2023[26] - The adjusted diluted earnings per share attributable to ChampionX was $0.37, down from $0.51 in June 2023[23] - Total segment operating profit was $123.8 million, down from $135.2 million in the previous year[21] - Segment operating profit for Production Chemical Technologies was $85,388, down from $87,163 in June 2023, reflecting a decrease of 2%[49] - Segment operating profit for Drilling Technologies fell sharply to $11,863 from $44,402 in the previous quarter, a decline of 73%[49] Cash Flow and Liquidity - Cash from operating activities was $67.6 million, with free cash flow of $38.3 million, marking the ninth consecutive quarter of positive free cash flow[1] - Cash flows from operating activities amounted to $67.6 million, while free cash flow was $38.3 million[26] - Cash flow from operating activities was $68 million, representing 129% of net income, and free cash flow was $38 million, returning 27% of cash from operating activities to shareholders[28] - The company ended Q2 2024 with approximately $1.1 billion in liquidity, including $393 million in cash and $672 million available on its revolving credit facility[29] - Free cash flow for the three months ended June 30, 2024, was $38,315, significantly lower than $143,986 in the previous quarter, representing a decline of 73%[50] - The cash from operating activities to revenue ratio dropped to 8% from 13% year-over-year[50] - Free cash flow to revenue ratio decreased to 4% from 10% year-over-year[50] Adjusted EBITDA - Adjusted EBITDA was $183.2 million, with an adjusted EBITDA margin of 20.5%[1] - Adjusted EBITDA for the quarter was $183.2 million, with an adjusted EBITDA margin of 20.5%[26] - Segment adjusted EBITDA for Production & Automation Technologies was $58,848, down 3% from $60,641 in June 2023[49] - Segment adjusted EBITDA for Reservoir Chemical Technologies increased to $5,954, up 11% from $4,385 in June 2023[49] Acquisitions and Strategic Developments - The acquisition of RMSpumptools Limited was completed, enhancing ChampionX's Production and Automation Technologies portfolio[4] - ChampionX was awarded an Integrated Production project for three well pads comprising 16 wells in the Permian basin, highlighting its project management capabilities[35] - A merger agreement was announced for SLB to purchase ChampionX in an all-stock transaction, expected to close in Q4 2024 or Q1 2025, pending regulatory approvals[29] Balance Sheet and Assets - Total assets increased to $3.29 billion from $3.24 billion at the end of the previous quarter[19] - Current liabilities decreased to $727.7 million from $782.7 million in the previous quarter[19] Other Financial Metrics - The company reported a loss on the Argentina Blue Chip Swap transaction of $2.994 million during the quarter[22] - Capital expenditures for the period were $65.3 million, compared to $57.3 million in the same period last year[20] - The company experienced a net cash increase of $104.7 million, up from $12.9 million in the previous year[20] - The company aims for at least 50% adjusted EBITDA to free cash flow conversion for 2024, reflecting confidence in its financial performance[28] - Non-GAAP adjustments for Corporate and other segments were $12,488, significantly higher than $2,299 in the previous quarter[49] - The company reported a segment operating loss of $(40,562) for Corporate and other, worsening from $(26,935) in June 2023[49]

ChampionX Corporation (CHX) , a leader in oilfield technology, acquired RMSpumptools Limited, a prominent designer and manufacturer of sophisticated mechanical and electrical solutions for complex artificial lift applications. This strategic move significantly strengthens ChampionX's capabilities and broadens its presence in critical international markets. Renowned for its expertise in electrical penetrator and connector systems, mechanical completion systems, and subsea connector systems, RMSpumptools perf ...

THE WOODLANDS, Texas, July 09, 2024 (GLOBE NEWSWIRE) -- ChampionX Corporation ("ChampionX" or the "Company") (NASDAQ: CHX), a global leader in oilfield technology, announced today it has completed the acquisition of RMSpumptools Limited, a designer and manufacturer of highly engineered mechanical and electrical solutions for complex artificial lift applications. "By adding RMSpumptools technology to our Production & Automation Technologies ("PAT") portfolio, ChampionX advances its ability to deliver greater ...

THE WOODLANDS, Texas, July 09, 2024 (GLOBE NEWSWIRE) -- ChampionX Corporation ("ChampionX" or the "Company") (NASDAQ: CHX), a global leader in oilfield technology, announced today it has completed the acquisition of RMSpumptools Limited, a designer and manufacturer of highly engineered mechanical and electrical solutions for complex artificial lift applications. "By adding RMSpumptools technology to our Production & Automation Technologies ("PAT") portfolio, ChampionX advances its ability to deliver greater ...

THE WOODLANDS, Texas, May 16, 2024 (GLOBE NEWSWIRE) -- ChampionX Corporation (Nasdaq: CHX) announced today its Board of Directors has declared a regular quarterly dividend of $0.095 per share on the company's common stock, par value $0.01 per share, to be paid on July 26, 2024 to shareholders of record on July 5, 2024. About ChampionX ChampionX is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil an ...

THE WOODLANDS, Texas, May 16, 2024 (GLOBE NEWSWIRE) -- ChampionX Corporation (Nasdaq: CHX) announced today its Board of Directors has declared a regular quarterly dividend of $0.095 per share on the company's common stock, par value $0.01 per share, to be paid on July 26, 2024 to shareholders of record on July 5, 2024. About ChampionX ChampionX is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil an ...