KLX Energy Services Q2 revenue rises 16% on Wolf Pack acquisition
KLXE•Outlook
- KLX expects Q3 revenue between $176 mln and $188 mln
- Company sees margins continuing to increase as activity builds
- KLX forecasts mid-single-digit sequential growth in the base business, excluding Wolf Pack
Overview
- U.S. oilfield services provider's Q2 revenue rose 16% sequentially to $167 mln
- Adjusted EBITDA for Q2 increased 68% from the prior quarter to $19 mln
- Company closed the Wolf Pack Rentals acquisition, raising the synergy estimate to $2.5 mln
Result drivers
- Higher activity levels — Company said increased activity and better absorption of cost structure drove sequential revenue and margin growth
- Wolf Pack acquisition — Wolf Pack Rentals contributed to revenue and provided a bargain purchase gain, with integration proceeding swiftly and the synergy estimate raised
- Base business outperformance — Excluding Wolf Pack, base business revenue grew more than 13% sequentially, outpacing the 5.8% increase in U.S. land rig count
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