Q2 2024 Trican Well Service Ltd Earnings Call Transcript
Key Points
- Revenues for the quarter were $211.8 million with adjusted EBITDA of $40.7 million, both up approximately 20% from last year.
- Trican generated free cash flow of $20.9 million during the quarter.
- Frac revenue was up 30% year over year, and EBITDA in that division was up over 50%.
- The cement division generated 4% higher revenue and 10% higher EBITDA in Q2 of this year versus 2023.
- The company maintains a clean balance sheet with positive working capital of approximately $148.4 million, including cash of $36 million.
- Some Q3 work was moved forward into Q2 to avoid potential water restriction issues, which will impact Q3 results.
- The coiled tubing division is still struggling with profitability despite growing revenue by 18% year over year.
- Natural gas price weakness has led to some pricing pressure, although it hasn't been terribly significant.
- The company expects to outspend its operating cash flow by about $80 million this year.
- Forest fire activity and drought conditions in Western Canada could push work around, affecting operational timelines.
Good morning, ladies and gentlemen. Welcome to the Trican Well Service second-quarter 2024 earnings results conference call and webcast. As a reminder, this conference call is being recorded.
I would now like to turn the meeting over to Mr. Brad Fedora, President and Chief Executive Officer of Trican Well Service Limited. Please go ahead, Mr. Fedora.
Thank you very much for joining us, and good morning, everyone. First, Scott Matson, our Chief Financial Officer, will give an overview of the quarterly results. And then I will provide some comments with respect to the quarter, current operating conditions, and our outlook for the future. We'll then open up the call for questions. We have several members of our executive team here in the room and are available to answer any questions that anybody may have. I'll now turn the call back to Scott.
Thanks, Brad. So
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