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CorEnergy Reaffirms FY23 Guidance

Author: Benzinga Newsdesk | May 11, 2023 06:34am

2023 Outlook

CorEnergy reaffirmed its previously provided outlook for 2023, calling for:

Adjusted EBITDA of $33.0 to $35.0 million, inclusive of maintenance expense of $9.0 to $10.0 million, reflecting reduced volumes and delays in tariff processes (see Note 2 for additional details);
Capital expenditures in the range of $10.0 to $11.0 million, incurred at periodic times throughout the year based on project timing.
- An expectation that the Company's Class B Common Stock will mandatorily convert to Common Stock at a ratio of 0.68:1, as opposed to 1:1, during Q1 2024.

Posted In: CORR