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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.
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Natural Gas Services Group, Inc. (NYSE:NGS) reported its financial results for the year ended December 31, 2022. Total revenue rose 17.1% to $84.8 million, driven by a 17.0% increase in rental revenue, totaling $74.5 million. The company's GAAP net loss improved to $0.6 million, or $(0.05) per share, compared to a net loss of $9.2 million in 2021. Adjusted EBITDA increased significantly to $29.2 million from $18.7 million. Rental fleet utilization also improved, reaching 74.8% for horsepower and 65.3% for units. The Earnings Call is scheduled for April 3, 2023, to discuss these results further.