USA Compression Partners, LP announced its financial and operating results for the third quarter of 2024, reporting net income of $19.3 million, or $0.13 per share, which did not meet Wall Street expectations. Despite this, the company achieved record total revenues of $240.0 million, marking a 2% increase quarter-over-quarter.
Operational highlights included a record average revenue per revenue-generating horsepower of $20.60 per month, also up 2% quarter-over-quarter, and average revenue-generating horsepower reaching 3.56 million, a 1% increase from the previous quarter. Adjusted EBITDA reached a record $145.7 million, up 1% quarter-over-quarter, with a Distributable Cash Flow of $86.606 million and a coverage ratio of 1.41x.
The company confirmed its 2024 outlook, projecting Adjusted EBITDA of $575 million and horsepower utilization of 91%. Additionally, 64% of the Series A Preferred Units, totaling 320,000 of 500,000 units, had been converted to Common Units as of October 31, 2024, with management noting a minimal impact on financial metrics.
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