Exploring Bri-Chem Corp’s 2024 Third Quarter Financial Results

Financial Performance Overview

Edmonton, Alberta–(Newsfile Corp. – November 14, 2024) – Bri-Chem Corp. (TSX: BRY) (“Bri-Chem” or “Company”), a leading North American oilfield chemical distribution and blending company, recently announced its 2024 third quarter financial results. Let’s take a closer look at the numbers:

Three months ended September 30

Sales: $21,975 (2024) vs. $26,830 (2023), Change: ($4,855) (18%)

Adjusted EBITDA: $587 (2024) vs. $1,051 (2023), Change: ($464) (44%)

Operating earnings: $234 (2024) vs. $1,185 (2023), Change: ($951) (80%)

Adjusted net (loss) / earnings: ($549) (2024) vs. ($293) (2023), Change: ($256) 87%

Net (loss) / earnings: ($269) (2024) vs. ($376) (2023), Change: $107 (28%)

Nine months ended September 30

Sales: $62,452 (2024) vs. $79,260 (2023), Change: ($16,808) (21%)

Adjusted EBITDA: $851 (2024) vs. $4,638 (2023), Change: ($3,788) (82%)

Operating earnings: $710 (2024) vs. $3,698 (2023), Change: ($2,988) (81%)

Adjusted net (loss) / earnings: ($2,900) (2024) vs. $812 (2023), Change: ($3,712) (457%)

Net (loss) / earnings: ($2,263) (2024) vs. $442 (2023), Change: ($2,705) (612%)

Financial Position

Total assets: $57,101 vs. $70,532, Change: ($13,431) (19%)

Working capital: $13,740 vs. $16,012, Change: ($2,271) (14%)

Long-term debt: $6,564 vs. $6,771, Change: ($208) (3%)

Shareholders equity: $21,248 vs. $22,780, Change: ($1,532) (7%)

Impact on the Company

Based on the third quarter financial results, Bri-Chem Corp. has experienced a decrease in sales and profitability compared to the previous year. The company’s adjusted EBITDA and net earnings have also shown significant declines. This may raise concerns among shareholders and investors about the company’s financial stability and performance going forward.

Impact on the Industry

The oilfield chemical distribution and blending industry may also feel the effects of Bri-Chem Corp’s financial results. A decrease in sales and earnings for a leading company in the sector could indicate broader challenges and shifts in the market. Competitors and industry analysts may closely monitor these developments to assess the overall health of the industry.

Conclusion

In conclusion, Bri-Chem Corp’s 2024 third quarter financial results reflect a challenging period for the company in terms of sales, earnings, and financial position. It is crucial for the company to address these issues and implement strategic measures to improve its performance and restore confidence among stakeholders. Ongoing monitoring and evaluation of the industry landscape will be essential to navigate through these challenging times.