Kodiak Gas Services reports Q2 EPS 6c, consensus 55c

Reports Q2 revenue $309.7M, consensus $311.4M. “We are pleased with our second quarter 2024 results as we completed the acquisition of CSI Compressco to form the industry’s largest contract compression fleet and delivered record revenues and Adjusted EBITDA,” stated Mickey McKee, CEO. “We’ve made tremendous progress on integration and have raised our estimate of the synergies we expect to realize through the combination to over $30 million, driving margin expansion and growth in future cash flows. Our leading position in the Permian Basin positions us to benefit from the coming growth in U.S. natural gas supply to meet demand from LNG and electricity load growth to power data centers. Large horsepower compression remains in high demand, and our new unit deliveries are effectively fully contracted through 2025. This positive outlook along with our solid execution gives us confidence to raise the low end of our 2024 Adjusted EBITDA guidance range and increase our quarterly dividend. We’re committed to returning capital to shareholders within our capital allocation framework, while also investing for future growth and driving towards our total leverage target of 3.5x.”