CCLP - CSI Compressco GAAP EPS of -$0.02 revenue of $96.8M; reaffirms FY23 capex guidance

2023-08-07 07:17:43 ET

• CSI Compressco press release ( NASDAQ: CCLP ): Q2 GAAP EPS of -$0.02.
• Revenue of $96.8M (+14.6% Y/Y).
• Adjusted EBITDA was $32.5 million compared to $26.4 million in the second quarter 2022.
• Compression fleet utilization increased to 87.0% compared to 82.8% in the second quarter 2022.
• Operating horsepower increased to 1,025,586 compared to 992,597 in the second quarter 2022.
• Distributable cash flow was $11.4 million compared to $8.4 million in the second quarter 2022.
• Distribution coverage ratio was 8.1x compared to 5.9x in the second quarter 2022.
• Second quarter of 2023 distribution of $0.01 per common unit will be paid on August 14, 2023.
• Net Leverage Ratio was 5.1x compared to 6.1x in the second quarter 2022.
• Outlook: Our net leverage metric continues to improve, currently at 5.1x, with our full year guidance range of 4.8x - 5.2x remaining unchanged.
• We expect capital expenditures for 2023 to be between $43.0 million and $48.0 million.

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