Kinetik Holdings Inc. (KNTK) shares surged 5.63% in early trading on Wednesday, following the company's release of impressive third-quarter results and an upwardly revised full-year guidance.
The energy company reported a 53% year-over-year increase in Q3 earnings to $0.35 per share, meeting analysts' expectations. Revenue for the quarter also saw a significant boost, rising 20% to $396.4 million and exceeding estimates of $358.8 million.
Bolstered by the strong performance, Kinetik raised its 2024 adjusted EBITDA guidance to a range of $970 million to $1 billion, up from the previous forecast of $905 million to $960 million. This bullish outlook highlights the company's confidence in sustained growth and profitability.
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