Natural Gas Services Rentals Up 26%
Tuesday, May 15, 2012
Rental revenues jumped 26% in the first quarter for Natural Gas Services Group Inc. (NGSG), which supplies gas compression equipment and services.
The Midland, Texas, U.S.A.-based company said total revenues increased 75% to US$26.4 million in the first period, compared with US$15.1 million in the same period of 2011. That pushed net income 40% higher to US$3.5 million, compared with US$2.5 million in the first period of 2011.
NGSG said the revenue jump included the sale of units from its fleet to a major customer. The second half of that sale is expected during the current quarter.
“In spite of a dramatically weakened natural gas market, NGSG continued to grow our rental and sales revenues in the first quarter of 2012,” the company said. “Our penetration into new operating areas is increasing, especially those centered in oil and liquids oriented regions, and we anticipate that growth to continue."
For more information: www.ngsgi.com