07:00 AM EDT, 03/14/2024 (MT Newswires) -- Calfrac Well Services Ltd. ( CFWFF ) reported Thursday a diluted EPS of $0.15 in the fourth quarter of 2023, declining from $0.17 a year ago.

Revenue fell to $421.4 million from $447.8 million while adjusted EBITDA sank to $62.6 million from $76.0 million.

For full-year 2023, the company's EPS surged to a record $2.24 from $0.47 in the previous year. Revenue grew 24% to $1.86 billion and adjusted EBITDA climbed 39% to $325.5 million.

"The company converted these strong results into significant free cash flow which it deployed towards reducing long-term debt to its lowest level since 2009, as well as improving the quality of its assets," CEO Pat Powell said.

"The company expects to continue delivering on its brand promise of 'Do it Safely, Do it Right, Do it Profitably' in the year ahead and generate strong, sustainable long-term returns for its shareholders."

Calfrac dropped 4.3% yesterday.