ChampionX Corporation announced its third-quarter 2024 results, reporting revenue of $906.5 million and net income attributable to ChampionX of $72.0 million. The company achieved an adjusted EBITDA of $197.5 million, resulting in an adjusted EBITDA margin of 21.8%, which represents its highest level as ChampionX. This performance reflects the company's focus on productivity and profitability.
Cash flow from operating activities reached $141.3 million, representing 196% of net income attributable to ChampionX, while free cash flow stood at $108.1 million, converting 55% of adjusted EBITDA. The company maintained a strong financial position with approximately $1.1 billion in liquidity, including $389 million in cash and $671 million in available revolving credit facility capacity. These figures underscore ChampionX's ability to generate robust cash flow.
Segment-wise, Production & Automation Technologies saw a 13% sequential revenue increase to $275.7 million, driven by higher artificial lift systems demand and the acquisition of RMSpumptools. Digital product revenue within this segment grew 7% sequentially to $57.9 million. The company also confirmed that its definitive agreement to be acquired by SLB was unanimously approved by its board and stockholders on June 18, 2024, with closing anticipated in the first quarter of 2025, leading to the discontinuation of quarterly guidance.
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