Gas services provided by Kodiak ( KGS 2.77% ) The company experienced a challenging week on the stock market. Following a disappointing quarterly earnings report, the company’s shares dropped, causing concern among many investors. Data collected by early Friday morning indicated the extent of the decline. S&P Global Market Intelligence is a service that provides market data and analysis. The stock of the specialty equipment company had decreased by almost 9% in value so far this week.
Second-quarter results went in opposite directions in terms of performance.
Kodiak experienced contrasting outcomes in the second quarter. While revenue significantly increased by 52% compared to the previous year, reaching almost $310 million, net income declined sharply by 62% to $6.7 million ($0.06 per share). GAAP standards.
Although the total amount was significantly higher than the average analyst prediction of $223 million, the net income figure fell short of the expected consensus of $0.34 per share.
During the earnings announcement, Kodiak decided to highlight the favorable progress made during the quarter. CEO Mickey Mckee expressed satisfaction with the company’s performance in the second quarter of 2024, noting the successful acquisition of CSI Compressco to establish the biggest contract compression fleet in the industry. Additionally, he mentioned achieving record revenue and adjusted EBITDA.
EBITDA forecast revised for the year 2024.
When it comes to EBITDA, Kodiak is optimistic about the future of this financial measure. The company has increased its projected non-GAAP (adjusted) EBITDA for the full year to a range between $590 million and $610 million in 2024. This is a slight increase from the previous estimate which ranged from $580 million to $610 million.
