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Ranger Energy Services, Inc.,(RNGR) a leading provider of oilfield services, has announced its financial results for the first quarter of 2023. The company reported a net income of $6.2 million for the quarter, reflecting a significant improvement compared to a net loss of $5.7 million in the same period last year. Additionally, Ranger Energy Services recorded a strong growth in revenue, reaching $157.5 million in the first quarter of 2023, compared to $123.6 million in the corresponding quarter of the previous year.
Ranger Energy Services' unaudited condensed consolidated balance sheets as of March 31, 2023, and December 31, 2022, indicate that the company's total assets amounted to $375.5 million and $381.6 million, respectively. The balance sheets highlight significant figures such as cash and cash equivalents, accounts receivable, contract assets, inventory, and property and equipment.
During the three months ended March 31, 2023, Ranger Energy Services generated revenue of $157.5 million, demonstrating a substantial increase compared to $123.6 million in the same period of the previous year. The company experienced growth across its segments, with revenue from high specification rigs, wireline services, and processing solutions and ancillary services reaching $77.5 million, $49.9 million, and $30.1 million, respectively.
Operating expenses for the first quarter of 2023 totaled $148.3 million, consisting of cost of services, general and administrative expenses, depreciation and amortization, and gain on the sale of assets. Despite higher operating expenses, the company achieved a positive operating income of $9.2 million, contrasting with an operating loss of $5.2 million in the first quarter of the prior year.
Ranger Energy Services' net income for the first quarter of 2023 amounted to $6.2 million, a notable improvement compared to a net loss of $5.7 million in the same period of the previous year. The company reported earnings per basic and diluted common share of $0.25 for the first quarter of 2023, a positive turnaround from a loss of $0.31 per share in the prior-year quarter.
The unaudited condensed consolidated statements of stockholders' equity reveal that Ranger Energy Services' total stockholders' equity as of March 31, 2023, was $272.2 million, compared to $266.2 million at the end of 2022. The statements provide detailed information about the changes in preferred stock, common stock, treasury stock, retained earnings, and additional paid-in capital during the first quarter of 2023.
In terms of cash flow, the company generated net cash of $17.4 million from operating activities during the three months ended March 31, 2023. Ranger Energy Services invested $5.4 million in property and equipment, while proceeds from the disposal of assets amounted to $4.3 million. The company's financing activities resulted in a net cash outflow of $5.6 million, mainly driven by principal payments on credit facilities.
Ranger Energy Services' financial performance in the first quarter of 2023 demonstrated significant improvement, with the company reporting a net income of $6.2 million and revenue of $157.5 million. The positive results can be attributed to increased demand for the company's high specification rigs, wireline services, and processing solutions. Ranger Energy Services remains committed to delivering high-quality oilfield services and aims to build on its strong start to the year to achieve continued growth and success in the industry.