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Adams Resources & Energy (AE) investor relations material
Adams Resources & Energy Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Reported a net loss of $4.5 million for Q3 2024, or $(1.76) per share, compared to net earnings of $2.3 million in Q3 2023; nine-month net loss was $7.3 million versus $1.1 million net earnings year-over-year.
Entered into a merger agreement with Tres Energy LLC; shareholders to receive $38.00 per share in cash, with closing expected in Q1 2025.
Adjusted EBITDA was $2.3 million, excluding inventory valuation losses, while EBITDA was $0.2 million.
Results impacted by Gulf Coast hurricanes, power outages, flooding, and continued weakness in the specialty chemicals market.
Amended credit agreement to tighten leverage and coverage ratios, effective Q3 2024.
Financial highlights
Q3 2024 revenues were $695.2 million, down 9% from $760.6 million in Q3 2023; nine-month revenues rose 2% to $2.07 billion.
Q3 2024 operating loss was $5.6 million, compared to $3.9 million operating income in Q3 2023.
Cash and cash equivalents at September 30, 2024 were $25.1 million, down from $33.3 million at year-end 2023.
Liquidity at $73.6 million, down from $80.3 million at December 31, 2023.
Paid $0.24 per share in dividends during the quarter.
Outlook and guidance
Merger with Tres Energy LLC expected to close in Q1 2025, after which the company will become privately held.
Management expects continued volatility in crude oil prices and market conditions.
Management remains encouraged by improved Adjusted EBITDA from crude oil marketing, driven by higher oil prices despite lower volumes.
Forward-looking statements caution on risks from market conditions, industry developments, and the pending merger.
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