Why ChampionX Stock Surged Today
Shares of ChampionX (NASDAQ: CHX) popped 18% on Wednesday after the engineering technology provider's third-quarter results impressed investors.
ChampionX's revenue jumped 25% year over year to $1 billion, fueled by strong growth in the company's production chemical technologies business. Sales in this segment climbed 32% to $643.6 million due to a favorable combination of market share gains, higher volumes, and price increases.
Better still, ChampionX is becoming more profitable as it expands its revenue base. Its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 34% to $67.8 million. And its adjusted earnings per share, which were boosted by stock buybacks, soared 120%, to $0.33.
Source Fool.com
