Secure Energy Services Returns to a Fourth-Quarter Profit on Higher Sales
08:35 AM EST, 03/02/2023 (MT Newswires) -- Secure Energy Services (SES.TO) on Thursday said it returned to a fourth-quarter profit as revenue rose by nearly a fourth.
The oilfield-services company said it earned C$32 million, or C$0.10 per share, in the period, compared with a loss of C$166 million, or C$0.54, in the year-prior quarter.
Revenue, excluding oil purchase and resale, rose 23% to C$401 million from C$327 million.
"Strong fourth quarter results capped off a record year from both an operational and financial perspective for SECURE as we completed the integration of Tervita. The enhanced scale of our business has better positioned us to serve our customers, optimize existing infrastructure assets and operations and drive greater discretionary free cash flow to the bottom line," chief executive Rene Amirault said in a release.
The company said it expects to spend C$50 million in 2023 on growth projects.
Secure shares closed up C$0.03 to C$8.61 Wednesday on the Toronto Stock Exchange.