EPS · actual vs est
Revenue · actual vs est
Summary
Generated 2025-02-13
Management highlights
David Cherechinsky highlighted four signature strategies: strong balance sheet with improved working capital velocity, M&A as DNA, self-help and high grading, and capital allocation from free cash flow. Fourth quarter 2024 EBITDA was $45 million (7.9% of revenue), full year EBITDA was $176 million (7.4% of revenue). Free cash flow in Q4 2024 was $119 million, full year was $289 million. Highlights included strong performance in energy evolution, EcoVapor business, digital initiatives, and acquisitions like Trojan.
Segment performance
Fourth quarter 2024 revenue was $571 million, down 6% sequentially. Full year 2024 revenue was $2.4 billion, up 2% year over year. US revenue in Q4 2024 was $451 million, down 6% sequentially; full year US revenue was $1.88 billion, up 7% year over year. Canada Q4 2024 revenue was $66 million, up 2% sequentially; full year Canada revenue was $253 million, down 10% year over year. International Q4 2024 revenue was $54 million, down 8% sequentially; full year international revenue was $240 million, down 17% year over year. Q4 2024 gross margin was 23.3%, up 100 basis points sequentially; full year 2024 gross margin was 22.5%. WSA in Q4 2024 was $103 million, down $4 million sequentially.
Guidance
Forecasted growth in 2025 despite expected market activity declines. First quarter 2025 expected sequential revenue increase in low to mid-single digits. Full year 2025 revenues flat to up high single digits from 2024, EBITDA could approach 8% of revenue. Target free cash flow in 2025 of $150 million.
Risks
Industry headwinds like lower US operating rigs, wells completed, and oil and gas prices. Impact of tariffs on steel prices and potential revenue disruption if tariffs are too widespread. Uncertainty around upstream production due to US policy changes.
Q&A highlights
Q: Nathan Jones asked about tariffs and upstream production.
A: David Cherechinsky discussed tariffs baked into guidance and upstream production uncertainties.
Q: Jeff Robertson asked about Trojan acquisition.
A: Brad Wise talked about Trojan's fit in water solutions and Sable automation.
Q: Josh Jane asked about Canada, international markets, and M&A.
A: David Cherechinsky discussed flat outlook for Canada and international, and M&A balance with share repurchases.
Key numbers
Reported versus consensus
Earnings calendar feed
| Metric | Reported | Consensus | Delta | Prior year |
|---|---|---|---|---|
| EPS | $0.25 | $0.14 | +78.6% | $0.22 |
| Revenue | $571.0M | $572.0M | -0.2% | $555.0M |
Transcript
February 13, 2025Full transcript unavailable for redistribution
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Prior quarters
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