Welcome to our dedicated page for ChampionX Corporation news (Ticker: CHX), a resource for investors and traders seeking the latest updates and insights on ChampionX Corporation stock.
ChampionX Corporation (NASDAQ: CHX) is a global leader in chemical solutions, artificial lift systems, and highly engineered equipment and technologies for the oil and gas industry. Formed in 2020 from the acquisition of Ecolab's chemical technologies by Apergy, ChampionX brings over a century of expertise in delivering innovations that shape the market's future. The company specializes in providing chemical solutions and equipment for both onshore and offshore oil and gas production, with a particular focus on the production phase of wells.
ChampionX's key offerings include artificial lift services and drilling technologies, such as polycrystalline diamond cutter inserts. The company also excels in digital automation applications and real-time emissions monitoring throughout the well lifecycle. ChampionX's Production & Automation Technologies (PAT) segment designs, manufactures, and services a full range of artificial lift equipment, end-to-end automation solutions, and other production equipment.
In recent developments, ChampionX has announced the acquisition of Artificial Lift Performance Limited (ALP), a provider of advanced analytics solutions to enhance oil and gas production performance. This acquisition strengthens ChampionX's digital growth strategy, combining ALP's Pump Checker™ software with ChampionX's XSPOC™ optimization software to deliver comprehensive analytics for all major artificial lift types.
Financially, ChampionX has continued to perform robustly. In the first quarter of 2024, the company reported revenues of $922.1 million, with a net income attributable to ChampionX of $112.9 million. The adjusted EBITDA stood at $191.7 million, reflecting a margin of 20.8%. The company generated $173.5 million in cash from operating activities and $144 million in free cash flow.
ChampionX's ongoing projects and strategic acquisitions, such as the purchase of RMSpumptools, aim to enhance its portfolio and expand its market presence globally. With a strong focus on sustainable and efficient oil and gas production, ChampionX continues to innovate and provide valuable solutions to its customers.
ChampionX Corporation has been honored with the 2022 Supplier Recognition Award by ConocoPhillips for its focus on execution in the Greater Ekofisk Area in Norway. This recognition highlights ChampionX's commitment to asset integrity through its innovative chemical solutions designed to enhance the life of oil and gas assets. The award reflects ConocoPhillips' values and emphasizes the crucial role suppliers play in meeting its energy transition and net-zero emissions goals. ChampionX serves customers globally, providing advanced technology and solutions for efficient and sustainable drilling operations. The Greater Ekofisk Area, located in the North Sea, represents a key operational zone for the company.
ChampionX Corporation reported first quarter 2023 revenue of $948.3 million, marking a 10% increase year-over-year. Net income attributed to the company reached $63.5 million, up 73% year-over-year, while adjusted EBITDA was $175.6 million, reflecting a 41% increase year-over-year. Despite a 4% sequential revenue decline, the company saw robust performance in North America, with digital revenue growing 32% year-over-year. Cash from operations stood at $92.4 million, with free cash flow at $69.4 million. The company returned 80% of its free cash flow to shareholders, maintaining a liquidity of $915 million. Looking forward, ChampionX expects Q2 revenue between $970 million and $1.0 billion and aims for adjusted EBITDA of $182 million to $190 million.
ChampionX Corporation (NASDAQ: CHX) will release its first quarter 2023 operating results on April 24, 2023, after the market closes. A conference call is scheduled for April 25, 2023, at 9:00 a.m. Central Time to discuss these results. Interested participants can access the call via a live webcast on ChampionX’s website or by dialing US: 1-888-396-8049, International: 1-416-764-8646, with a reference ID of 40158679. A replay of the call will be available for 30 days on the company’s website.
ChampionX specializes in chemistry solutions and technologies for oil and gas production.
ChampionX Corporation, based in The Woodlands, Texas, will host its 2023 Investor Day on March 7, 2023, at 1:00 PM ET in New York City. The event will feature a live webcast, with presentation slides available on their investor website. ChampionX is recognized as a global leader in chemistry solutions and engineered technologies for oil and gas production, emphasizing safety, efficiency, and sustainability. Their innovative products enhance production and transportation, alongside real-time emissions monitoring. For more information, visit ChampionX.com.
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