Championx Corporation Stock Price, News & Analysis

ChampionX Corporation (NASDAQ: CHX) announced the acquisition of Tomson Technologies LLC and Group 2 Technologies LLC, leaders in nano technology for the energy sector. This strategic move aims to help energy companies reduce their carbon footprint and operational costs. CEO Sivasankaran Somasundaram emphasized the importance of integrating these technologies to enhance ChampionX's offerings and support the company's long-term growth strategy in a transitioning energy industry.

ChampionX Corporation (NASDAQ: CHX) reported third quarter 2021 results, with revenue reaching $818.8 million, representing a 9% sequential increase. The company recorded net income attributable to ChampionX of $56.8 million and adjusted EBITDA of $123.6 million, marking a 17% sequential growth. Free cash flow was $67.3 million. ChampionX highlighted strong performance amidst supply chain challenges and aims for continued revenue growth in Q4, with projections between $820 million and $860 million.

ChampionX Corporation announced that its Spotlight EDGE™ has achieved Microsoft’s Azure Certified Device and Edge Managed certifications, becoming the only Class 1 Division 2 and ATEX finished product listed in the Microsoft Azure Certified Device Catalog.

The device enables a scalable solution for edge computing, supporting various communication protocols, boosting efficiency, and promoting sustainability goals for customers.

ChampionX Corporation (NASDAQ: CHX) will release its third quarter 2021 operating results on October 27, 2021, after market close. A conference call to discuss the results is scheduled for October 28, 2021, at 8:00 a.m. CT (9:00 a.m. ET). Investors can access the live webcast at ChampionX’s website or dial in using specific numbers for the US and Canada or international calls. A replay of the call will be available for 30 days thereafter. ChampionX is recognized for its chemistry solutions and technologies in the oil and gas sector.

ChampionX Corporation (NASDAQ: CHX) has successfully completed an investment in PingThings, Inc., which specializes in an advanced sensor AI platform aimed at optimizing the management of vast time series data. This strategic move aligns with ChampionX's goal to enhance digital revenue streams and broaden its digital offerings across various industries, supporting system reliability and decarbonization efforts. PingThings' platform is recognized for its scalability and effectiveness in asset-intensive sectors, positioning it as a standard in the industry.

ChampionX Corporation (Nasdaq: CHX) has announced its plan to redeem $90 million of its 6.375% Senior Notes due 2026. Notice will be given to Note holders around September 13, 2021, with redemption set for ten days later at 104.781% of the principal plus accrued interest. Funding for the redemption will come from the sale of its Corsicana, Texas, chemical manufacturing plant and available cash. This strategic move aims to improve the company's balance sheet.

RPM International Inc. has acquired a 178,000-square-foot chemical manufacturing facility in Corsicana, Texas, from ChampionX Corporation. This facility will be utilized by RPM's Tremco Construction Products Group to expand production capacity for high-growth product lines and enhance operational efficiencies. The acquisition includes plans to retain over 80 existing employees and potentially hire more in the future. CEO Frank C. Sullivan emphasized the strategic benefits of the purchase, which allows RPM to avoid the costs and environmental impacts associated with constructing a new plant.

ChampionX Corporation (NASDAQ: CHX) has sold its Corsicana, Texas, chemical manufacturing plant to RPM International Inc. This strategic sale aims to optimize ChampionX's global supply chain and enhance the cost structure of its Reservoir Chemical Technologies business. Proceeds from the sale will be directed towards reducing debt and progressing towards leverage targets. The company expressed gratitude to Corsicana employees and intends to maintain a supplier relationship with RPM to support future manufacturing needs.

ChampionX Corporation reported second quarter 2021 results with $749.2 million in revenue, a 9% increase sequentially. Net income attributable to ChampionX was $7.3 million, with adjusted EBITDA of $105.4 million and an adjusted EBITDA margin of 14.1%. The company generated $60.9 million in cash from operating activities, and free cash flow stood at $40.8 million. ChampionX expects third quarter revenue between $765 million and $805 million, driven by strong demand in both North America and international markets.