From GlobeNewswire: 2024-04-01 16:49:00

Natural Gas Services Group, Inc. announced strong financial results for the full year and fourth quarter ended December 31, 2023. Rental revenue increased 43% to $106.2 million for the full year and GAAP net income was $4.7 million. Adjusted EBITDA increased to $45.8 million for the year. Rental fleet utilization also saw growth.

Total revenue for the year ended December 31, 2023 increased by 43% to $121.2 million, with rental revenue driving the growth. Gross margin also increased to $32.9 million for the year. Operating income for the year was $10.5 million. The company reported a net income of $4.7 million for the year.

Looking ahead to 2024, NGS expects Adjusted EBITDA to be between $58 million to $65 million. New Unit Capital Expenditures are estimated to be between $40 million to $50 million. The company aims for a target Return on Invested Capital of at least 20%. This outlook represents a significant increase from previously announced expectations.



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