Adams has announced its third quarter results

3Q23 financial summary

• Total revenue of US$760.6 million, versus US$852.9 million in 3Q22.
• Net earnings of US$2.3 million, or US$0.88 per diluted common share, compared to earnings of US$0.8 million, or US$0.32 per common share in 2Q23 and net earnings of US$2.2 million, or US$0.50 per diluted common share for 3Q22.
• Net cash provided by operating activities of US$11.4 million in 3Q23, a decrease of US$28.6 million from the prior-year quarter. This decrease was primarily driven by the timing of payments and receipts from crude oil customers and changes in inventory due to fluctuations in crude oil pricing and barrels held.
• Adjusted cash flow of US$4.8 million in 3Q23, compared to US$7.1 million in 2Q23 and US$12.6 million in the prior-year.
• Cash and cash equivalents were US$16.3 million as of 30 September 2023, versus US$9.0 million at 30 June 2023, primarily due to the timing of receipts and early payments from crude oil customers.
• Liquidity of US$55.9 million at 30 September 2023, versus US$48.6 million at 30 June 2023.
• The company paid dividends totalling US$0.24 per share during the 3Q23.

Additional operational highlights

• The collective fleet of Service Transport Company Adams' liquid chemicals, pressurized gases, asphalt and dry bulk transportation subsidiary, travelled 6.51 million miles during the 3Q23, versus 6.78 million miles during 3Q22 and 6.30 million miles during the 2Q23.

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