Solaris Oilfield Infrastructure Inc. reported a internet revenue of $7 million for the fourth quarter and $39 million for the total 12 months 2023.
The corporate stated in a media launch the fourth quarter revenue was under the $8 million reported for the third quarter of 2023 in addition to the $8 million reported for the corresponding quarter of 2022.
Income for the interval was $63 million, down 9.0 p.c from the third quarter 2023 and down 25 p.c from the fourth quarter 2022. The sequential lower in income was pushed by decreases in lower-margin ancillary last-mile logistics companies exercise and frac crews adopted, it stated.
Nevertheless, trying on the full 12 months of 2023, internet revenue ticked above the $34 million reported for 2022. Income was $293 million for the total 12 months 2023, which was down 8.0 p.c from 2022. The sequential lower in income was pushed by a lower in lower-margin ancillary last-mile logistics companies exercise, partially offset by a rise in Solaris system deployments, Solaris stated.
“2023 was a powerful 12 months for Solaris on a number of fronts. We generated constructive free money circulation, raised our dividend per share twice, returned $47 million to shareholders via dividends and share repurchases and grew Adjusted EBITDA by 15 p.c from the prior 12 months as we constructed a fleet of recent tools and deployed extra Solaris techniques on the properly websites we service”, Chairman and Chief Government Officer Invoice Zartler commented.
Adjusted EBITDA for the total 12 months 2023 was $97 million, Solaris stated.
“Seeking to 2024, we count on to generate considerably increased free money circulation as we harvest money from the natural investments we made over the past couple of years. We imagine this extra money circulation ought to assist continued shareholder returns and keep our wholesome stability sheet, whereas creating optionality in our long-term technique for capital allocation, together with natural and inorganic investments,” stated Zartler.
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