Independence Contract Drilling reports Q2 adjusted EPS (7c), consensus (19c)

Reports Q2 revenue $56.36M, consensus $57.92M. CEO Anthony Gallegos commented, “Second quarter 2023 results came in ahead of expectations with respect to revenues, margin per day and adjusted EBITDA. I am particularly pleased that overall margins benefitted from sequential cost per day improvements given the number of rigs we had in transition as we relocated rigs from the Haynesville to our Permian market. We also made significant progress towards our debt reduction goals. We repaid $5.0 million of Convertible Notes and reduced revolver borrowings by $5.3 million while at the same time increasing our overall net working capital position.