ChampionX Reports Strong Fourth Quarter and Full Year 2023 Results, Announces Share Repurchase Authorization and Dividend Increase
The Woodlands, Texas - ChampionX Corporation (NASDAQ: CHX) released its fourth quarter 2023 and full year 2023 results, showcasing impressive revenue of $943.6 million, net income of $77.2 million, and adjusted EBITDA of $198.1 million.The company also reported a healthy income before income taxes margin of 12.1%, and adjusted EBITDA margin of 21.0%, demonstrating solid financial performance.
In a strategic move, ChampionX has increased its share repurchase authorization to $1.5 billion and raised its quarterly dividend by 12%. This decision reflects the company’s confidence in its financial strength and commitment to delivering value to its shareholders.
This news comes on the heels of ChampionX’s 12 Months dividend pay out ratio decreasing to 20.73% in the third quarter of 2023, which is above the company’s average of 23.41%. While there are 59 companies with higher dividend pay out ratios in the Capital Goods sector, ChampionX Corp continues to rank favorably, currently at 961 among all companies.
This latest announcement underscores ChampionX’s position as a strong player in the industry, with a focus on driving growth and rewarding shareholders.Investors can look forward to continued success and returns from this innovative company.
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