KLX Energy reports preliminary Q4 revenue $193M-$195M, consensus $218.12M

Reports preliminary Q4 adjusted EBITDA $22M-$25M. Chris Baker, KLX president and CEO, stated, “2023 was a record year on numerous fronts marked by outstanding operational performance, post-COVID record HSE statistics across our three key measures, financial success, and significant strategic advancements, including the commercialization of numerous proprietary offerings and the consummation of the Greene’s acquisition. KLX managed to grow annual Adjusted EBITDA by 42% compared to 2022 despite a 20% reduction in rig count from the start of the year. We ended 2023 with over $154 million of liquidity, up 52% over the same period, consisting of approximately $113 million of cash and nearly $42 million of available borrowing capacity. We have materially improved our capitalization profile and exited 2023 with a net leverage ratio of approximately 1.2x. We are pleased with our fourth quarter results as KLX generated strong cash flow overcoming both expected and unexpected challenges in the fourth quarter, including reduced seasonal activity during the holiday season and decreased spending due to budget exhaustion. We look forward to discussing our full year 2023 and fourth quarter results in greater detail on our earnings call in March.”