Antero Midstream Stock (AM) recently announced its financial and operational results for the fourth quarter of 2023 along with forecasts for 2024. The company also disclosed the initiation of a $500 million share repurchase program.
Antero Midstream Stock: Key Highlights for Q4 2023
- Net income amounted to $100 million, or $0.21 per diluted share, marking a 24% increase from the previous quarter.
- Low-pressure waste gathering and processing volumes grew by 10% and 12%, respectively, compared to the preceding quarter.
- Adjusted EBITDA reached $254 million, reflecting a 10% increase from the prior quarter.
- Free cash flow after dividend payments totaled $48 million, a substantial rise from $8 million in the previous quarter.
Full-Year 2023 Metrics
- Net income stood at $372 million, or $0.77 per diluted share.
- Adjusted EBITDA amounted to $989 million, aligning with the projected range of $970 to $990 million.
- Free cash flow after dividend payments reached $155 million, contrasting with a $1 million deficit in 2022.
- As of December 31, 2023, the Antero Midstream Stock leverage ratio decreased to 3.3x.
- Return on invested capital increased to 18%, up from 17% in 2022.
Outlook for 2024
- Anticipated net income ranging from $405 to $445 million, corresponding to earnings per share of $0.84 to $0.93.
- Projected free cash flow after dividend payments of $235 to $275 million, assuming dividends of $0.90 per share annually, representing a 65% increase over 2023 on average.
- Approval of a $500 million share repurchase program.
- Antero Midstream Stock expects significant growth in free cash flow after dividend payments by 2024, enabling debt reduction and additional opportunities for capital allocation to maximize shareholder value.
Antero Midstream stock robust financial performance in Q4 2023 and throughout 2023 positions it for continued success in 2024. With promising forecasts and strategic initiatives like the share repurchase program, the company remains dedicated to enhancing shareholder value and financial stability.
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