Redwire Corporation, a global leader in space infrastructure, has announced its financial results for the third quarter of 2023. Revenues for the quarter increased by 68.1% to $62.6 million compared to the same period in 2022. Net loss improved by 39.3% to $(6.3) million. Adjusted EBITDA increased by $6.4 million to $4.9 million. Total available liquidity was $30.9 million as of September 30, 2023. Redwire expects revenues for the full year to be in the range of $220.0 million to $250.0 million. The company's CEO, Peter Cannito, stated that Redwire continues to be disciplined in its technical execution and is well-positioned for future success. Redwire is a global leader in mission-critical space solutions and high-reliability components for the next generation space economy.
Mobile Infrastructure Corporation (NYSE American: BEEP) also reported its financial results for the fourth quarter and full year ended December 31, 2023. The company's net operating income increased by over 27% from the prior year quarter, reflecting positive leasing trends and reduced operating expenses. The company converted 26 of its portfolio assets from leased to management contracts in the first quarter of 2024, giving them greater flexibility to optimize rates and utilization. Full year results were impacted by substantial non-cash charges associated with the company's merger and listing. The company ended the year with $29.1 million of debt paydown and a parking asset portfolio valued at over $520 million. Total revenue for the fourth quarter of 2023 was $7.9 million, representing a 14.3% increase from the prior year quarter. Net loss attributable to common stockholders was $9.2 million. Adjusted EBITDA for the fourth quarter of 2023 was $3.4 million, a 36.5% increase over the same year-ago period. The company expects accelerating organic net operating income growth in 2024 and revenues to range from $38 million to $40 million for the year. Net operating income is expected to range from $22.5 million to $23.25 million for full year 2024. The company also plans to become the acquirer of choice in the fragmented parking industry and has a pipeline of potential acquisitions.
MRC Global, a leading distributor of pipe, valves, and fittings, has announced a record-breaking financial performance for the fiscal year 2023. The company generated $181 million in operating cash and is targeting approximately $200 million for 2024. The company attributes its success to robust demand, improvements in cost structure, and working capital efficiencies. MRC Global's Board of Directors has been refreshed with five new directors since 2021, including David Hager. The company addressed its engagement with Engine Capital LP, stating that Engine's nominees did not offer additional skills needed by the Board. J.P. Morgan Securities LLC and Akin Gump Strauss Hauer & Feld LLP serve as financial and legal advisors to MRC Global.
RPC, a company in the Energy Services industry, reported its first quarter 2024 earnings. The company's EPS was US$0.13, a decrease from US$0.33 in the first quarter of 2023. Revenue for the quarter was US$377.8 million, down 21% from the same period last year. Net income decreased by 61% to US$27.5 million. The profit margin for the quarter was 7.3%, down from 15% in the first quarter of 2023. Looking ahead, RPC forecasts an average annual revenue growth of 4.6% over the next 3 years, compared to a 7.8% growth forecast for the Energy Services industry in the US. The company's shares are down 5.6% from a week ago.
Sources: [05dffe7a], [f8e99d48], [6c4a8cf4], [86b3e366]