Trican Well Service Q1 Earnings Call Highlights

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Sat, May 16, 2026 astatine 12:12 PM CDT 7 min read

Key Points

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Trican posted higher Q1 revenue of CAD 330.3 million, boosted by stronger enactment and a afloat 4th of Iron Horse contribution, but margins were pressured by pricing weakness and outgo inflation. Adjusted EBITDA roseate to CAD 70.1 million, portion nett net slipped somewhat twelvemonth implicit year.
Cash procreation and balance-sheet betterment remained strong, with escaped currency travel of CAD 49.6 cardinal and nett indebtedness falling to CAD 29.8 million. The institution besides continued buybacks nether its NCIB and declared a CAD 0.0055 per stock dividend.
Management remains constructive connected the outlook contempt upwind and pricing headwinds, citing improving activity, exertion advantages, and imaginable second-half request strength. Trican expects to beryllium debt-free oregon somewhat currency affirmative by year-end and plans to instrumentality astir 50% of escaped currency travel to shareholders implicit time.

Trican Well Service (TSE:TCW) reported higher first-quarter gross arsenic enactment accrued and the institution benefited from a afloat 4th of publication from the Iron Horse acquisition, portion absorption said pricing unit and outgo ostentation weighed connected margins.

Scott Matson, Trican’s main fiscal officer, said gross for the archetypal 4th of 2026 was CAD 330.3 million, up from CAD 259.1 cardinal successful the aforesaid 4th of 2025. Matson said adjusted EBITDA was CAD 70.1 million, oregon 21% of revenue, compared with CAD 61.3 million, oregon 24% of revenue, successful the prior-year quarter. He besides said EBITDA aft adding backmost cash-settled stock-based compensation was CAD 77.7 million, oregon 24% of revenue, compared with CAD 62.3 million, oregon 24% of revenue, a twelvemonth earlier.

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Net net were CAD 30.3 million, oregon CAD 0.14 per stock connected some a basal and diluted basis, compared with CAD 31.9 million, oregon CAD 0.17 per share, successful the archetypal 4th of 2025. Matson said net were affected by higher depreciation tied to Iron Horse, exertion inaugural expenses and higher stock-based compensation.

The institution generated CAD 49.6 cardinal of escaped currency travel successful the quarter. Capital expenditures totaled CAD 18.5 million, including CAD 9.6 cardinal of attraction superior and CAD 8.9 cardinal of upgrade capital. Matson said the upgrade spending was chiefly directed toward electrifying Trican’s 4th acceptable of ancillary fracturing enactment instrumentality and maintaining the productive capableness of progressive equipment.