USA Compression Partners Posts Record Revenue, Updates 2024 Outlook

07 Aug, 2024

USA Compression Partners Posts Record Revenue, Updates 2024 Outlook

USA Compression Partners, LP (NYSE: USAC) reported strong financial and operational results for the second quarter of 2024. The company achieved record total revenues of $235.3 million, up from $206.9 million in the same quarter of 2023. Net income reached $31.2 million, compared to $23.6 million last year. The net cash provided by operating activities was $96.7 million, reflecting an increase from $87.9 million.

Adjusted EBITDA rose to $143.7 million, surpassing the previous year's $125.0 million. Distributable Cash Flow also improved to $85.9 million, compared to $67.0 million a year ago, with a Distributable Cash Flow Coverage of 1.40x.

Operational highlights include record average revenue-generating horsepower of 3.52 million, up from 3.31 million, and a utilization rate of 94.7%. The average revenue per horsepower per month reached a record $20.29. The company updated its 2024 outlook, raising net income, Adjusted EBITDA, and Distributable Cash Flow expectations. Expansion capital expenditures are planned to increase, driven by new compression unit deliveries and acquisitions. The second-quarter cash distribution of $0.525 per unit was paid on August 2, 2024.