Nine Energy Service reports Q4 EPS (30c), one estimate (35c)

Reports Q4 revenue $144.1M, two estimates $142.2M. “Fourth quarter revenue was in-line with expectations, coming within the upper end of our original guidance,” said Ann Fox, CEO. “The oil and gas market continued to be volatile in 2023, with the US rig count declining by approximately 20% since the end of 2022. Many of these rig declines came out of the gassy basins in conjunction with the average natural gas price declining by over 60% year-over-year. 2023 once again illustrated that the market can shift quickly, which is why we have created a nimble business that can flex quickly with market conditions. Despite a challenging market backdrop, the Nine team accomplished a lot in 2023, including our 2028 senior secured notes offering, extension of our ABL credit facility and full redemption of our prior senior notes due 2023. This new capital structure gives us additional flexibility and de-levering continues to be a high priority for Nine.”