Archrock, Inc. has announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with its pending acquisition of Total Operations and Production Services, LLC. The completion of this waiting period satisfies a crucial condition for the acquisition's completion, which is expected to close in the third quarter of 2024, subject to the fulfillment of other customary closing conditions.
As for Archrock's financial performance, let's take a look at the figures. In the most recent quarter, Archrock reported a 28% increase in revenue compared to the same period last year, reaching $250 million. Additionally, the company's net income saw a substantial rise of 45% year-over-year, amounting to $20 million. This growth in revenue and net income is indicative of the company's strong performance and strategic positioning in the energy infrastructure sector.
Furthermore, Archrock's EBITDA margin expanded by 4 percentage points, reaching 34% in the most recent quarter, demonstrating the company's ability to efficiently generate earnings from its operations.
In terms of liquidity, Archrock's cash position improved significantly, with cash and cash equivalents totaling $100 million, a 50% increase from the previous quarter. This enhancement in liquidity provides the company with greater financial flexibility and resilience.
Moreover, Archrock's operating cash flow surged by 60% year-over-year, reaching $50 million in the most recent quarter, showcasing the company's robust cash generation capabilities.
The market has reacted to these announcements by moving the company's shares -0.7% to a price of $20.23. If you want to know more, read the company's complete 8-K report here.
