Calfrac reports a decline in revenue for Q4 2024, but expects stable outlook for 2025

From GlobeNewswire: 2025-03-13 06:00:00

Calfrac Well Services Ltd. announced its financial results for the three months and year ended December 31, 2024. The company reported revenue of $381.2 million in the fourth quarter, a decline of 11% due to seasonal slowdown. Calfrac improved its safety record in 2024 with a Total Recordable Injury Frequency of 0.92. CEO Pat Powell is confident in navigating market challenges and capitalizing on growth opportunities in Argentina.

In North America, revenue decreased by 13% in the fourth quarter of 2024 compared to 2023, with Adjusted EBITDA at $23.1 million. Calfrac expects stable outlook for 2025 despite industry consolidation and tariff uncertainties. In Argentina, revenue increased by 2% in the fourth quarter, with Adjusted EBITDA at $15.6 million. The company expects strong performance in Argentina in 2025.

Calfrac’s Board approved a 2025 capital budget of approximately $135 million, including expansion in Argentina. The company is monitoring the impact of new US-Canada tariffs on its operations. Forward-looking statements highlight potential risks and uncertainties in the industry. For further information, investors can contact CEO Pat Powell or CFO Mike Olinek at 403-266-6000 or visit www.calfrac.com.



Read more at GlobeNewswire: Calfrac Reports Fourth Quarter 2024 Results