Q3 2024 CES Energy Solutions Corp Earnings Call Transcript
Key Points
- CES Energy Solutions Corp (CESDF) achieved all-time record quarterly revenue of $607 million, marking a 13% increase from the previous year.
- The company reported an all-time high quarterly EBITDA of $103 million, a 28% increase compared to Q3 2023.
- CESDF's EBITDA margin improved to 16.9%, up from 15% in the same quarter last year.
- The company successfully repurchased 9 million shares under its NCIB plan, representing 47% of the current program.
- CESDF's cash conversion cycle improved to a record 101 days, significantly below the targeted range of 110 to 115 days.
- Total debt to trailing 12 months EBITDA increased slightly to 1.14 times from 1.12 times in the previous quarter.
- Free cash flow decreased to $40 million for the quarter, down from $55 million in Q2 and $76 million in Q3 2023.
- The company reported a decrease in cash flow from operations to $73 million, compared to $83 million in Q2 and $100 million in Q3 2023.
- CESDF's total debt increased by $34 million from the prior quarter, reaching $439 million.
- The company anticipates a slight increase in CapEx to $85 million in 2024, which may impact free cash flow.
Good morning, everyone, and welcome to the CES Energy Solutions third-quarter 2024 results conference call and webcast. As a reminder, all participants are in a listen-only mode, and the conference call is being recorded. (Operator Instructions)
I would now like to turn the conference over to Mr. Tony Aulicino, Chief Financial Officer. Please go ahead, sir.
Thank you, operator. Good morning, everyone, and thank you for attending today's call. I'd like to note that in our commentary today, there will be forward-looking financial information and that our actual results may differ materially from the expected results, due to various risk factors and assumptions.
These risk factors and assumptions are summarized in our third quarter MD&A and press release dated November 6, 2024, and in our AIF dated February 29, 2024. In addition, certain financial measures that we will refer to today are not recognized under current general accepted accounting policies. And for a
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