KLX Energy reports Q2 EPS (49c), consensus (80c)

Reports Q2 revenue $180M, consensus $183.1M. CEO Chris Baker said, “We are extremely proud of our Q2 performance. Despite the 7% decline in total rig count during the quarter and continued drilling and completions market volatility, our revenue increased 3.1% sequentially to $180.2M, which was the middle of our revised revenue guidance range. Q2 Adjusted EBITDA improved sequentially by 125% to $27.0M, and Adjusted EBITDA margin grew 118% to 15.0%, both at the top end of our revised guidance ranges. Our dramatic growth in sequential Adjusted EBITDA and Adjusted EBITDA margin saw results return to more normalized levels…Based on current calendars and latest customer conversations, we are reaffirming our Q3 2024 guidance for revenue to be flat to slightly up relative to Q2, with similar Adjusted EBITDA margins to the second quarter”.