Solaris Oilfield Infrastructure Inc Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Solaris Oilfield Infrastructure, Inc. Reports Second Quarter 2024 Financial Results
Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) announced its financial results for the second quarter of 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | Q2 2024 vs Q1 2024 | Q2 2024 vs Q2 2023 |
|---|---|---|---|---|---|
| Revenue | $74 million | $68 million | $77 million | +9% | -4% |
| Net Income | $10 million | $7 million | $12 million | +42.9% | -16.7% |
| EPS (Class A Share) | $0.20 | $0.14 | $0.24 | +42.9% | -16.7% |
| Adjusted Pro Forma NI | $6 million | $7 million | $11 million | -14.3% | -45.5% |
| Adjusted Pro Forma EPS | $0.13 | $0.16 | $0.25 | -18.8% | -48% |
| Adjusted EBITDA | $21 million | $23 million | $27 million | -8.7% | -22.2% |
Interpretation: Solaris witnessed a sequential increase in revenue primarily due to increased last-mile logistics services but saw a decrease in fully utilized systems affecting its EBITDA. Year-over-year metrics show a decline, attributing largely to the decrease in fully utilized systems.
Operational Data
| Operational Metric | Q2 2024 | Q1 2024 | Q2 2023 | Q2 2024 vs Q1 2024 | Q2 2024 vs Q2 2023 |
|---|---|---|---|---|---|
| Fully Utilized Systems | 92 | 102 | 108 | -9.8% | -14.8% |
| Average Industry Frac Crews (Fully Utilized) | 56 | 64 | Not Provided | -12.5% | Not Provided |
Comments from Company’s Officers
Chairman and CEO Bill Zartler commented, “Solaris delivered another quarter of strong free cash flow as we continue to generate cash from our core sand handling equipment business and the organic additional fleet investments we made over the last few years. The MER acquisition will provide Solaris an exciting opportunity to diversify into the growing distributed power market, which will provide an additional business line that we expect to deliver strong shareholder returns.”
Dividends and Share Repurchase Program
- Dividend Announcement: A third-quarter 2024 dividend of $0.12 per share was declared, payable on September 6, 2024.
- Share Repurchase Program: No shares were repurchased during Q2 2024, with $15 million remaining in the current authorization.
Forward Guidance
The company did not provide specific forward guidance in the report.
Stock Price Movement
After the earnings release, Solaris' stock experienced a 2.28% increase.
Overall, Solaris Oilfield Infrastructure, Inc. demonstrated resilience in revenue generation despite a challenging operational landscape and remains committed to diversifying its portfolio with strategic acquisitions like Mobile Energy Rentals LLC. The company's continued focus on shareholder returns through dividends and potential share repurchases signifies strong financial stewardship.
