Natural Gas Services Group Inc

NYSE:NGSUnited States

Nov 14, 2024

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• Natural Gas Services Q3 Earnings, Revenue Increase, from 5:05PM ET on Thursday Nov 14, 2024 by MT Newswires

  5:05PM ET on Thursday Nov 14, 2024 by MT Newswires
  Companies Mentioned: NGS
  05:05 PM EST, 11/14/2024 (MT Newswires) -- Natural Gas Services Group (NGS) reported Q3 earnings late Thursday of $0.40 per diluted share, up from $0.18 a year earlier. Three analysts polled by Capital IQ expected $0.30. Revenue for the quarter en...

• -- Earnings Flash (NGS) NATURAL GAS SERVICES GROUP Reports Q3 Revenue $40.7M, from 4:17PM ET on Thursday Nov 14, 2024 by MT Newswires

  4:17PM ET on Thursday Nov 14, 2024 by MT Newswires
  Companies Mentioned: NGS
  04:17 PM EST, 11/14/2024 (MT Newswires) -- ...

• Natural Gas Services Group, Inc. Reports Third Quarter 2024 Financial and Operating Results; Increases FY 2024 Adjusted EBITDA Guidance, from 4:16PM ET on Thursday Nov 14, 2024 by Dow Jones

  4:16PM ET on Thursday Nov 14, 2024 by Dow Jones
  Companies Mentioned: NGS
  --------------- --------------- Total stockholders' equity 251,186 235,894 --------------- --------------- Total liabilities and stockholders' equity $ 498,069 $ 478,729 =============== =============== NATURAL GAS SERVICES GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except earnings per share) (unaudited) Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 -------------- -------------- --------------- -------------- Revenue: Rental $ 37,350 $ 27,705 $ 106,010 $ 74,533 Sales 1,843 1,413 6,616 6,000 Aftermarket services 1,493 2,251 3,458 4,413 -------------- -------------- --------------- -------------- Total revenue 40,686 31,369 116,084 84,946 -------------- -------------- --------------- -------------- Operating costs and expenses: Cost of rentals, exclusive of depreciation stated separately below 14,442 13,462 41,784 36,450 Cost of sales, exclusive of depreciation stated separately below 2,028 1,505 6,457 6,618 Cost of aftermarket services, exclusive of depreciation stated separately below 1,324 1,846 2,836 3,424 Selling, general and administrative expenses 5,213 2,845 14,706 12,267 Depreciation and amortization 8,086 6,807 22,878 19,390 Impairments 136 -- 136 779 Retirement of rental equipment -- -- 5 -- -------------- -------------- --------------- -------------- Total operating costs and expenses 31,229 26,465 88,802 78,928 -------------- -------------- --------------- -------------- Operating income 9,457 4,904 27,282 6,018 Other income (expense): Interest expense (3,045) (1,600) (8,912) (1,785) Other income (expense), net (15) (87) 148 254 -------------- -------------- --------------- -------------- Total other expense (3,060) (1,687) (8,764) (1,531) -------------- -------------- --------------- -------------- Income before provision for income taxes 6,397 3,217 18,518 4,487 Income tax expense (1,383) (1,046) (4,156) (1,442) -------------- -------------- --------------- -------------- Net income $ 5,014 $ 2,171 $ 14,362 $ 3,045 ============== ============== =============== ============== Earnings per share: Basic $ 0.40 $ 0.18 $ 1.16 $ 0.25 Diluted $ 0.40 $ 0.18 $ 1.15 $ 0.25 Weighted average shares outstanding: Basic 12,427 12,378 12,404 12,295 Diluted 12,526 12,403 12,511 12,372 NATURAL GAS SERVICES GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Nine months ended September 30, 2024 2023 --------------- ---------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 14,362 $ 3,045 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 22,878 19,390 Amortization of debt issuance costs 530 287 Deferred income tax expense 4,055 1,408 Stock-based compensation 1,038 1,826 Provision for credit losses 433 199 Impairments 136 779 Gain on sale of assets (475) (281) Retirement of rental equipment 5 -- Gain on company owned life insurance (152) 49 Changes in operating assets and liabilities: Trade accounts receivables 13,944 (13,572) Inventory 1,122 (2,608) Prepaid expenses and prepaid income taxes (1,025) (281) Accounts payable and accrued liabilities 1,271 14,951 Deferred income (418) (37) Other (667) 543 NET CASH PROVIDED BY OPERATING ACTIVITIES 57,037 25,698 --------------- ---------------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of rental equipment, property and other equipment (57,350) (128,563) Purchase of company owned life insurance (13) (378) Proceeds from sale of property and equipment 504 231 Proceeds from sale of deferred compensation mutual fund 178 -- NET CASH USED IN INVESTING ACTIVITIES (56,681) (128,710) --------------- ---------------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from credit facility borrowings 8,000 103,000 Repayment of credit facility borrowings (9,000) -- Payments of other long-term liabilities, net (622) (50) Payments of debt issuance cost (962) (2,131) Proceeds from exercise of stock options 70 -- Taxes paid related to net share settlement of equity awards (178) (982) NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (2,692) 99,837 --------------- ---------------- NET CHANGE IN CASH AND CASH EQUIVALENTS (2,336) (3,175) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 2,746 3,372 --------------- ---------------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 410 $ 197 =============== ================ SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Interest paid $ 14,445 $ 4,347 NON-CASH TRANSACTIONS Transfer of rental equipment components to inventory $ -- $ 708 Right of use assets acquired through a finance lease $ 2,174 $ 63 Right of use asset acquired through an operating lease $ 520 $ -- Investor Relations IR@ngsgi.com 432-262-2700
  

• *DJ Natural Gas Services 3Q EPS 40c >NGS, from 4:16PM ET on Thursday Nov 14, 2024 by Dow Jones

  4:16PM ET on Thursday Nov 14, 2024 by Dow Jones
  Companies Mentioned: NGS