Natural Gas Services Group, Inc. reported robust financial results for the third quarter ended September 30, 2024. Total revenue increased by 29.7% year-over-year to $40.7 million, driven primarily by a 34.8% increase in rental revenue to $37.4 million.
The company achieved a net income of $5.0 million, or $0.40 per basic share, and Adjusted EBITDA surged by 53.7% to $18.2 million compared to the same period in 2023. This performance reflects the addition of higher horsepower packages and pricing improvements.
Management increased its full-year 2024 Adjusted EBITDA guidance to a range of $67 million to $69 million, up from the previously announced $64 million to $68 million. The company also provided preliminary 2025 growth capital expenditure guidance of $90 million to $110 million, with all new units under long-term contracts.
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