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PHX Energy (TSX:PHX) Sees Q2 2024 profit Dip to CAD 12.9 Million Amid Higher Costs
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Highlights
PHX Energy Services Corp (TSX: PHX) is a Canadian firm providing services to oil and natural gas exploration and development companies. It has a market capitalization of CAD 429.03mn.
In the second quarter of 2024, (Q2 2024), the company reported stable revenue of CAD 154.2 million, slightly down from CAD 155.6 million in the previous corresponding period (pcp). This stability was primarily attributed to a decrease in revenue from the motor rental and sale of motor equipment and parts segments. However, the company's gross profit fell to CAD 27.7 million due to increased direct costs, impacting overall profitability. Earnings before income taxes also declined to CAD 16.7 million from CAD 22.9 million in the pcp, reflecting reduced gross profit.
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