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Natural Gas Services (NGS) Q3 Earnings and Revenues Top Estimates
ZACKS· 2024-11-15 00:11
Core Viewpoint - Natural Gas Services (NGS) reported strong quarterly earnings, significantly exceeding expectations, indicating robust performance in the natural gas compression equipment sector [1][2]. Financial Performance - NGS achieved earnings of $0.40 per share, surpassing the Zacks Consensus Estimate of $0.23 per share, and up from $0.18 per share a year ago, representing a 73.91% earnings surprise [1][2]. - The company reported revenues of $40.69 million for the quarter, exceeding the Zacks Consensus Estimate by 7.29%, and up from $31.37 million year-over-year [3]. Market Performance - NGS shares have increased approximately 49.9% since the beginning of the year, outperforming the S&P 500's gain of 25.5% [4]. - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [7]. Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.26 on revenues of $39.36 million, and for the current fiscal year, it is $1.23 on revenues of $152.68 million [8]. - The estimate revisions trend for NGS is mixed, which may change following the recent earnings report [7]. Industry Context - NGS operates within the Oil and Gas - Mechanical and Equipment industry, which is currently ranked in the bottom 33% of over 250 Zacks industries, suggesting potential challenges ahead [9].
Natural Gas Services Group, Inc. Reports Third Quarter 2024 Financial and Operating Results; Increases FY 2024 Adjusted EBITDA Guidance
GlobeNewswire News Room· 2024-11-14 21:16
Core Viewpoint - Natural Gas Services Group, Inc. ("NGS") reported strong financial results for Q3 2024, with significant growth in rental revenue and adjusted EBITDA, while also increasing its guidance for FY 2024 and providing preliminary insights for FY 2025 capital expenditures [1][4][5]. Financial Performance - Q3 2024 rental revenue reached $37.4 million, a 35% increase compared to Q3 2023 and a 7% increase sequentially [3]. - Net income for Q3 2024 was $5.0 million, or $0.40 per basic share, compared to $2.2 million, or $0.18 per basic share in Q3 2023 [11]. - Adjusted EBITDA for Q3 2024 was $18.2 million, a 53.7% increase from $11.8 million in Q3 2023 [12]. - Total revenue for Q3 2024 increased by 29.7% to $40.7 million from $31.4 million in Q3 2023 [8]. Guidance and Outlook - The company updated its FY 2024 Adjusted EBITDA guidance to a range of $67 million to $69 million, up from the previous range of $64 million to $68 million [5][6]. - FY 2024 growth capital expenditures are now expected to be between $65 million and $75 million, with FY 2025 growth capital expenditures projected at $90 million to $110 million [2][6]. - The target return on invested capital remains at least 20% [2]. Operational Highlights - The leverage ratio as of September 30, 2024, was 2.25, indicating a stable financial position [14]. - Rented horsepower at the end of Q3 2024 was 475,534, a 19% increase year-over-year [3]. - Horsepower utilization improved to 82.0%, up 330 basis points from the previous year [3]. Management Commentary - The CEO highlighted robust compression demand, particularly in the Permian Basin, and emphasized the company's strategic investments in its rental fleet to drive future growth [4][7]. - The management expressed confidence in the favorable pricing environment and the potential for continued growth in horsepower and returns on invested capital [4][7].
Natural Gas Services Group, Inc. Sets Reporting Date for its 2024 Third Quarter Results and Conference Call
GlobeNewswire News Room· 2024-11-04 22:28
Midland, Texas, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Natural Gas Services Group, Inc. (NYSE:NGS), a leading provider of natural gas compression equipment, technology and services to the energy industry, will host a conference call to review its third-quarter financial results on Friday, November 15, 2024 at 8:30 a.m. (EST), 7:30 a.m. (CST). The Company’s Q3 2024 financial and operating results for the nine months ended September 30, 2024 will be disseminated via press release and made available on the Company’ ...
NMPA Grants Marketing Approval to the First Co-Developed NGS-Based Companion Diagnostic for Lung Cancer in China
GlobeNewswire News Room· 2024-10-11 03:16
GUANGZHOU, China, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Burning Rock Biotech Limited (NASDAQ: BNR, the "Company" or "Burning Rock"), an innovative company in the field of precision oncology, and Dizal, a global biopharmaceutical company focused on malignant tumors and immunological diseases, jointly announced that the companion diagnostic (CDx) for EGFR exon 20 insertion mutation (exon20ins) for sunvozertinib, developed through their collaboration, has been approved by the National Medical Products Administrati ...
Natural Gas Services Group, Inc. to Participate in Upcoming Investor Conferences
GlobeNewswire News Room· 2024-09-09 20:11
Midland, Texas, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Natural Gas Services Group, Inc. ("NGS" or the "Company") (NYSE: NGS), a leading provider of natural gas compression equipment, technology, and services to the energy industry, today announced its participation at two investor conferences in September 2024. Justin Jacobs, Chief Executive Officer of Natural Gas Services Group will present at the Lake Street Capital Markets 8th Annual Best Ideas Growth (BIG8) Conference on Thursday, September 12, 2024. The co ...
Natural Gas Services Group, Inc. Reports Second Quarter 2024 Financial and Operating Results; Provides Operational Update and Increases 2024 Guidance
GlobeNewswire News Room· 2024-08-14 20:40
Midland, Texas, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Natural Gas Services Group, Inc. ("NGS" or the "Company") (NYSE:NGS), a leading provider of natural gas compression equipment, technology, and services to the energy industry, today announced financial results for the three months ended June 30, 2024. The Company also updated its prior guidance for the full year, increasing its outlook for both Adjusted EBITDA and growth capital expenditures. Second Quarter 2024 Highlights Rental revenue of $34.9 million, an ...
Natural Gas Services Group, Inc. Sets Reporting Date for its 2024 Second Quarter Results and Conference Call
GlobeNewswire News Room· 2024-08-06 20:29
Midland, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Natural Gas Services Group, Inc. (NYSE:NGS), a leading provider of natural gas compression equipment, technology and services to the energy industry, will host a conference call to review its second-quarter financial results on Thursday, August 15, 2024 at 8:30 a.m. (EST), 7:30 a.m. (CST). The Company's Q2 2024 financial and operating results for the three months ended June 30, 2024 will be disseminated via press release and made available on the Company's website ...
Natural Gas Services Group, Inc., Announces Retirement of James Hazlett as Vice President and Chief Technical Officer
GlobeNewswire News Room· 2024-08-01 17:27
Midland, Texas, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Natural Gas Services Group, Inc. (NYSE: NGS), a leading provider of gas compression equipment, technology, and services to the energy industry, announced today that James Hazlett, who served as Chief Technology Officer of the Company and worked with Natural Gas Services Group since 2005, has officially retired. "I would like to personally thank Jim for his two decades of dedicated service to Natural Gas Services Group," said Steve Taylor, Chairman of the Com ...
QIAGEN's software QCI Interpret accelerates clinical reporting turnaround time for high throughput NGS testing labs
GlobeNewswire News Room· 2024-06-13 20:05
Venlo, the Netherlands, and Redwood City, California, June 13, 2024 (GLOBE NEWSWIRE) -- QIAGEN (NYSE: QGEN; Frankfurt Prime Standard: QIA) today announced the release of a new version of its clinical decision support software, QIAGEN Clinical Insight Interpret (QCI Interpret), that brings significant performance and scalability enhancements tailored for high-throughput, next-generation sequencing (NGS) labs moving to larger test panels and higher test volumes. The latest version of QCI Interpret introduces ...
Natural Gas Services Group Announces Expansion of Credit Facility
Newsfilter· 2024-06-10 20:41
Midland, Texas, June 10, 2024 (GLOBE NEWSWIRE) -- Natural Gas Services Group, Inc. ("NGS" or the "Company"), a premier provider of natural gas compression equipment to the energy industry, announced today the closing of an expansion of its existing credit facility (the "Facility") led by Texas Capital Bank. The Company added $75 million of additional borrowing capacity to increase the committed borrowing capacity to $300 million. The Facility provides the Company with additional capital to fund further grow ...