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.
RPM International Inc. has acquired a 178,000-square-foot chemical manufacturing facility in Corsicana, Texas, from ChampionX Corporation. This facility will be utilized by RPM's Tremco Construction Products Group to expand production capacity for high-growth product lines and enhance operational efficiencies. The acquisition includes plans to retain over 80 existing employees and potentially hire more in the future. CEO Frank C. Sullivan emphasized the strategic benefits of the purchase, which allows RPM to avoid the costs and environmental impacts associated with constructing a new plant.
ChampionX Corporation (NASDAQ: CHX) has sold its Corsicana, Texas, chemical manufacturing plant to RPM International Inc. This strategic sale aims to optimize ChampionX's global supply chain and enhance the cost structure of its Reservoir Chemical Technologies business. Proceeds from the sale will be directed towards reducing debt and progressing towards leverage targets. The company expressed gratitude to Corsicana employees and intends to maintain a supplier relationship with RPM to support future manufacturing needs.
ChampionX Corporation reported second quarter 2021 results with $749.2 million in revenue, a 9% increase sequentially. Net income attributable to ChampionX was $7.3 million, with adjusted EBITDA of $105.4 million and an adjusted EBITDA margin of 14.1%. The company generated $60.9 million in cash from operating activities, and free cash flow stood at $40.8 million. ChampionX expects third quarter revenue between $765 million and $805 million, driven by strong demand in both North America and international markets.
ChampionX Corporation (NASDAQ: CHX) has successfully acquired Scientific Aviation, Inc., a leader in methane emissions monitoring solutions. This acquisition aligns with ChampionX's strategy to enhance its emissions management portfolio to support customers in achieving emissions reduction goals. The integration of Scientific Aviation's technology with ChampionX's AI-driven predictive algorithms is expected to bolster environmental stewardship in the energy sector. This move follows ChampionX's prior investment in QLM Technology Ltd, reflecting a commitment to growth in the evolving energy landscape.
ChampionX Corporation (CHX) announced it will release its second quarter 2021 operating results on July 28, 2021, after market close. The company will hold a conference call on July 29, 2021, at 8:00 a.m. CT to discuss the results. Investors can access the live webcast through ChampionX’s website or by dialing in. A replay will be available for 30 days post-call. ChampionX is recognized as a leader in chemistry solutions and highly engineered equipment, enhancing oil and gas production safety and efficiency.
ChampionX Corporation reported Q1 2021 revenue of $684.9 million with a net income of $5.8 million. The adjusted EBITDA was $94.2 million, reflecting a 13.8% margin. Operating cash flow was $90.2 million, with $64.6 million as free cash flow, marking a 9% revenue ratio. The company aims for Q2 revenue between $700 million and $740 million. Significant challenges included raw material supply disruptions due to Winter Storm Uri and seasonal declines in international sales.
ChampionX Corporation (NASDAQ: CHX) announced an investment in QLM Technology Ltd, which specializes in a quantum gas camera that detects methane emissions. This investment aligns with ChampionX's strategy to leverage its capabilities in the energy market, promoting sustainable growth during the energy transition. QLM's technology aims to assist organizations in achieving net zero emissions by effectively measuring industrial methane emissions. The partnership is expected to enhance QLM's development and market presence.
ChampionX Corporation (NASDAQ: CHX) announced that it will release its Q1 2021 operating results on April 28, 2021, after market close. A conference call is scheduled for April 29, 2021, at 9:00 a.m. CT to discuss the results, which will be accessible via live webcast on the company's website or through a dedicated phone line. Interested participants are encouraged to register 15 minutes before the call. ChampionX provides chemistry solutions and specialized equipment for the oil and gas industry, enhancing production efficiency throughout the lifecycle of wells.
ChampionX Corporation reported Q4’20 revenue of $706.1 million, a sequential increase of 11%. Net income attributable to ChampionX was $7.4 million, with adjusted EBITDA at $108.6 million, up 25% sequentially. Positive cash flow included $120.6 million from operating activities and $107.6 million in free cash flow. The company also repaid $79.8 million in debt. Guidance for Q1’21 projects revenue between $650 million and $700 million, with adjusted EBITDA of $90 million to $100 million.
FAQ
What is the current stock price of ChampionX Corporation (CHX)?
What is the market cap of ChampionX Corporation (CHX)?
What does ChampionX Corporation specialize in?
When was ChampionX formed?
What are ChampionX's key offerings?
What recent acquisitions has ChampionX made?
How did ChampionX perform financially in the first quarter of 2024?
What does ChampionX's Production & Automation Technologies (PAT) segment focus on?
What is the significance of ChampionX's acquisition of Artificial Lift Performance Limited?
What is the focus of ChampionX's ongoing projects?
Where can I find more information about ChampionX?
What is ChampionX's strategy for future growth?
