Ranger Energy Services Expects FY23 Revenue of $630M-$640M (Prior $660M-$680M) Vs. $655.35M Est
Portfolio Pulse from Benzinga Newsdesk
Ranger Energy Services has revised its FY23 revenue forecast to $630M-$640M, down from the previous estimate of $660M-$680M, due to lower than expected customer activity. The company anticipates resuming quarter over quarter growth in 2024. The updated capital expenditure guidance reflects additional purchases of capital equipment associated with a recently signed customer agreement and pump refurbishments.
October 31, 2023 | 10:53 am
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Ranger Energy Services has lowered its FY23 revenue forecast, which could negatively impact investor sentiment and the company's stock price in the short term.
Ranger Energy Services has lowered its FY23 revenue forecast due to lower than expected customer activity. This could negatively impact investor sentiment and lead to a decrease in the company's stock price in the short term. However, the company does anticipate resuming growth in 2024, which could mitigate some of the negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100