Archrock, Inc. reported robust financial results for the third quarter of 2024 on November 11, 2024, with net income reaching $37.5 million, an increase from $30.9 million in the third quarter of 2023. The company's contract operations segment revenue grew 18% year-over-year to $245.4 million.
Adjusted gross margin for contract operations increased by 25% to $165.6 million, achieving a 67% adjusted gross margin percentage, up from 64% in the prior year. Total operating horsepower expanded to 4.2 million, primarily driven by the acquisition of TOPS, maintaining a high utilization rate of 95%.
Archrock also raised its full-year 2024 adjusted EBITDA guidance to a range of $575 million to $585 million, reflecting significant outperformance in its core business and the contributions from the TOPS acquisition. The company declared a quarterly dividend of $0.175 per share and repurchased approximately $12.1 million in common shares during the quarter.
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