Enservco(US:ENSV) Newsfilter·2024-05-15 20:40Core Viewpoint - Enservco Corporation reported strong financial results for Q1 2024, with significant year-over-year growth in revenues, segment profit, and net income, driven by improved performance in its completions services segment and operational efficiency initiatives [1][5][6]. Financial Summary - Total revenues increased by 10% to $9.8 million in Q1 2024 from $8.9 million in Q1 2023 [2][8]. - Segment profit rose by 62% to $3.3 million, with completions services showing a 97% increase in segment profit [2][6]. - Net income improved to $0.7 million, or $0.03 per diluted share, compared to a net loss of $1.0 million, or $0.07 per diluted share, in the prior year [2][10]. - Adjusted EBITDA grew by 125% to $2.2 million from $1.0 million in Q1 2023 [2][10]. Segment Performance - Production services revenue decreased by 13% to $2.5 million, primarily due to reduced acidizing services in Texas and lower hot oiling activity [2][14]. - Completion services revenue increased by 21% to $7.3 million, driven by colder weather and service price increases in Pennsylvania and Colorado [2][14]. Operational Highlights - General and administrative expenses were reduced by 18% from the prior year, contributing to improved profitability [6][9]. - The company announced an agreement to acquire Buckshot Trucking LLC, expected to close in early Q3 2024, which will enhance operational flexibility and reduce weather dependency [6][11][16]. Management Commentary - The CEO highlighted the strong start to 2024, attributing success to improved seasonal conditions and ongoing operational improvements [5][7]. - The company aims to evolve its business model towards more year-round activities to drive long-term cash flow and profitability [7][12].