Ranger Energy reports Q1 non-GAAP EPS (3c), consensus 7c

Reports Q1 revenue $136.9M vs. 157.5M last year. Stuart Bodden, Ranger’s CEO, commented, “This quarter’s results presented Ranger with a unique set of challenges that adversely impacted multiple service lines. As mentioned in our year-end investor call, 2024 got off to a slow start. As the quarter progressed, typical weather disruptions and other events beyond our control, combined with a declining completions market that created excess capacity and increased competition, impacted our quarterly performance more than originally expected.” “To expand, the most significant factor impacting performance this quarter was pressure from the completions market pullback over the winter, from a peak of 281 frac spreads at the end of November to a trough of 234 frac spreads mid-January, representing a 17% decline over the winter months when activity is already at depressed levels. This dynamic was felt on several fronts, most significantly in our Wireline Completions and Coil Tubing service lines. In total, we estimate an impact of over $4M during the quarter as a consequence of the completions market pullback, representing the largest adverse contributor to quarterly results.”