Better Than Anticipated Q3 Results
The third quarter results exceeded expectations due to proactive customer communication and flexible pricing strategies. The company successfully reduced debt by $5.6 million, increased cash reserves by $3.2 million, and returned $550,000 to shareholders through buybacks.
Eastern Hemisphere Revenue Growth
The Eastern Hemisphere operations grew revenue by 41% year-over-year, contributing approximately 15% of the total revenue in the third quarter.
Successful Strategic Initiatives
The integration of recent acquisitions in the Eastern Hemisphere and the relocation of the U.S. Drill-N-Ream repair facility to Houston, Texas, came two years ahead of schedule, yielding cost savings and efficiency benefits.
Positive Financial Metrics
Third quarter adjusted EBITDA was $9.1 million, and adjusted free cash flow was $5.6 million. Nine-month revenue totaled $121.1 million, with adjusted free cash flow of $13.1 million.