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Natural Gas Services Group, Inc. reports developments in natural gas compression equipment, technology and services for the energy industry. The company rents, designs, installs, sells, services and maintains compressors, related equipment and parts used in oil and natural gas production and processing facilities, generally using OEM equipment and limited in-house assembly.
Recurring news for NGS includes quarterly and annual operating results, rental revenue trends, gross margin and adjusted EBITDA commentary, fleet growth, guidance updates, dividends, share repurchase authorization, capital allocation, leverage and governance matters.
Natural Gas Services Group (NGS), a leading provider of natural gas compression equipment, has expanded its existing credit facility by $75 million, increasing the total borrowing capacity to $300 million. This expansion, led by Texas Capital Bank, aims to support NGS's growth strategy by funding the expansion of its rental equipment fleet. The credit facility amendment became effective on June 6, 2024. CEO Justin Jacobs expressed gratitude towards the lending partners for their support in achieving this agreement.
On May 15, 2024, Natural Gas Services Group (NYSE: NGS) reported its financial results for Q1 2024. The key highlights include:
Rental revenue increased by 48% YoY to $33.7 million, and net income surged to $5.1 million ($0.41 per share) from $0.4 million ($0.03 per share) in Q1 2023. Adjusted EBITDA more than doubled to $16.9 million from $7.8 million in the prior-year period.
Total revenue for Q1 2024 rose by 38.6% YoY to $36.9 million. The company also noted an increase in gross margin to $14.2 million and operating income to $9.3 million. Cash and cash equivalents were $5.2 million with a working capital of $54.4 million.
Debt stands at $172 million with a leverage ratio of 2.57. The company reaffirmed its full-year 2024 outlook for adjusted EBITDA between $61 million and $67 million.
Natural Gas Services Group, Inc. (NYSE:NGS) will host a conference call to review Q1 2024 financial results on May 16, 2024. The Company provides natural gas compression equipment, technology, and services to the energy industry. Financial and operating results for Q1 2024 will be released on May 15, 2024. NGS manufactures, rents, sells, and maintains natural gas compressors for oil and natural gas production and plant facilities.
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