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THE WOODLANDS, Texas - Kodiak Gas Services , Inc. (NYSE:KGS) reported fourth quarter 2024 financial results that exceeded revenue expectations but fell short on earnings per share.
The contract compression services provider posted revenue of $309.5 million for the quarter, surpassing the analyst consensus estimate of $253.79 million. However, adjusted earnings per share came in at $0.21, missing the $0.34 expected by analysts.
For the full year 2024, Kodiak reported net income attributable to common shareholders of $49.9 million, up from $20.1 million in 2023. Adjusted EBITDA rose to $609.6 million in 2024 compared to $438.1 million the previous year.
The company highlighted improvements in its Contract Services segment, with adjusted gross margin percentage increasing sequentially to 66.7% in Q4. Fleet utilization also climbed to 97% in the quarter.
"Kodiak had a transformative year, completing the CSI acquisition which allowed us to build upon our industry-leading position in the Permian Basin and set new financial records," said Mickey McKee, Kodiak’s founder and CEO.
Looking ahead, Kodiak provided 2025 guidance, projecting adjusted EBITDA between $685 million and $725 million. The company expects growth capital expenditures in the range of $240 million to $280 million for the year.
Kodiak’s outlook remains strong, with McKee noting continued robust demand for large horsepower compression infrastructure, particularly in the Permian Basin where approximately 70% of the company’s horsepower is deployed.
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