Ranger Energy Services, Inc. reported lower profit for the third quarter due to a decline in revenue. Net income decreased to $1.2 million, with operating income falling sharply to $2.6 million. Adjusted EBITDA for the quarter was $16.8 million, down from $25.1 million. Revenue declined 16% to $128.9 million, with revenue from different segments also dropping. The company declared a cash dividend of $0.06 per share. Additionally, Ranger announced the acquisition of American Well Services for approximately $90.5 million, which is expected to be immediately accretive to earnings and cash flow. The stock was down more than 2% in pre-market trading.

Read more at Nasdaq: Ranger Energy Q3 Profit, Revenue Fall; Acquires American Well Services For About $90.5 Million