12:17 PM EDT, 07/30/2024 (MT Newswires) -- Secure Energy Services ( SECYF ) on Tuesday reported second-quarter earnings that missed forecasts, but raised its full-year 2024 adjusted EBITDA guidance.

The oilfield waste-management company said it earned $32 million, or $0.12 per share, in the quarter, down from $34 million, or $0.11, in the year-prior quarter, missing the consensus estimate for a profit of $0.14, according to Capital IQ.

It said the higher EPS was a result of share buybacks that cut it outstanding shares in the quarter by 11%. B

The company's revenue (excluding oil purchase and resale) was $337 million, down from $353 million a year earlier. But total revenue was $2,552 million versus $1,782 million.

SES reported Adjusted EBITDA of $114 million ($0.43 per basic and diluted share) compared to $119 million (0.40 for both) a year ago. It beat Capital IQ's forecast for Q2 of $102.15 million.

"Strong second quarter results were driven by robust industry fundamentals, favorable weather conditions, and continued operational execution across our business units, resulting in double digit revenue growth on a same store sales basis," chief executive Allen Gransch said in a release.

The company raised its full-year 2024 adjusted EBITDA guidance to a range of $470 million to $490 million from the previous estimate of $450 million to $465 million, citing the strong first half and its tuck in metal acquisition.

Secure Energy shares were last seen up $0.77 to $12.23 on the Toronto Stock Exchange.

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