Thu, Jul 25, 7:38 PM (44 days ago)
ChampionX Corporation reported a revenue decrease of 3% sequentially to $893.3 million for Q2 2024, driven by lower orders in Latin America. Gross profit also declined by 6% to $279.8 million. Selling, general, and administrative expenses rose by 6% due to $15.1 million in merger-related costs with Schlumberger Limited (SLB). Net income dropped significantly to $55.4 million, down from $113.2 million in the previous quarter. The company’s effective tax rate increased to 33.5%. Cash flow from operations was strong at $241.1 million, up from $208.3 million in the prior year. ChampionX maintains a robust liquidity position with $1.1 billion in total liquidity, including $393.3 million in cash. The pending merger with SLB, subject to regulatory approvals, could impact future operations.