[ad_1]
USA Compression Partners, LP (NYSE:USAC) 2023 Q4 Earnings Call Transcript February 13, 2024
USA Compression Partners, LP missed earnings estimates. Reported EPS was $0.02, compared to estimate of $0.12. USAC wasn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details).
operator: good morning. Welcome to USA Compression Partners’ Q4 2023 earnings conference call. During today’s call, all parties will be in listen-only mode. At the end of management’s prepared remarks, a question and answer session will begin. [Operator Instructions] This conference was recorded today, February 13, 2024. The Vice President, General Counsel and Secretary would now like to hand over the call to Chris Porter.
Chris Porter: Good morning, ladies and gentlemen. Thank you for your participation. This morning, the company announced its operating and financial results for the quarter and year ended December 31, 2023. A copy of the Company’s earnings release and a transcript of this call are available on the “Investor Relations” section of the Company’s website at usacompression.com. During this discussion, our management will refer to certain non-GAAP measures. Definitions of these non-GAAP measures and reconciliations to the most comparable U.S. GAAP measures are available in our financial results release. Remember that the conference call will include forward-looking statements. These statements are based on management’s current beliefs and include predictions and expectations regarding future performance and other forward-looking matters.
Actual results may differ materially from these statements. Please review the risk factors included in this morning’s earnings release and other public materials. Please note that the information provided on this call represents management’s views only as of today, February 13, 2024, and may not be accurate at the time of rebroadcast. I will now turn the call over to Eric Long, president and CEO of USA Compression.
Eric Long: Thank you, Chris. Good morning, ladies and gentlemen. Thank you for joining us on the call. Joining us on the call today is our COO, Eric Sc heller. This morning, we announced our fourth quarter and year-end results for 2023. We are very pleased to have achieved another strong quarterly and full year result. We continue to expand our reach and reduce leverage. The Company’s results reflect the Company’s continued and progressive movement towards the aforementioned leverage ratio target of 4.0x, with increased financial flexibility and the maturity of the Senior Notes (Q2 2026 and The company is well-positioned for the next three quarters of 2027. In both full-year and quarterly results, the company delivered many record results, including revenue, adjusted gross margin, adjusted EBITDA, distributable cash flow, distributable cash flow coverage, average revenue generation horsepower, and average revenue generation horsepower. achieved.
We also lowered our leverage ratio to 4.1x, and our common unit price in the fourth quarter was over $26, near an all-time high. Finally, the company was added to his VettaFi Alerian MLP Infrastructure Index, AMZI, resulting in the addition of approximately 8.8 million common units to the index fund. It’s no exaggeration to say it’s been a great year. As we have always done, he will continue to position USAC as a resilient player in the natural gas compression services industry. 2024 will see us capitalizing on growth through improving internal operational efficiencies, continuing to bring idle units back into service, continuing to improve pricing, and opportunistically purchasing equipment that will allow USAC to generate returns in line with its fourth quarter. This will be a year to focus on maximizing your profits. Quarterly results.
See also Top 15 unfriendly countries in Asia and top 15 worst US airports for connecting flights.
To continue reading the Q&A session, click here.
[ad_2]
Source link
