Archrock Q1 2024 revenue $268.5M, net income $40.5M; raises FY2024 Adj. EBITDA guidance to $510-540M

Archrock, Inc.

2024-Q1 EPS reported $0.26 revenue$268,488,000

Q1 revenue $268.5M (+17% YoY), net income $40.5M (+146% YoY); Adjusted EBITDA $131.0M vs $97.2M YoY.
FY2024 Adjusted EBITDA guidance raised to $510-540M from $500-530M; net income guidance $144-174M.
Contract ops revenue $223.1M (+19% YoY), gross margin 65% (vs 58% YoY); utilization 95%.
Quarterly dividend raised 10% to $0.165/share, coverage 3.2x; leverage ratio improved to 3.2x from 4.1x.
Share repurchase program extended with $50M capacity; 82,972 shares repurchased in Q1.

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