Newpark Resources Reports Third Quarter 2024 Results

Newpark Resources, Inc. (NYSE: NR) announced its financial results for the third quarter ended September 30, 2024. The company reported revenue of $44.2 million, operating income from continuing operations of $1.2 million, and income from continuing operations of $14.9 million, which included a $14.6 million tax benefit. Adjusted Income from Continuing Operations stood at $0.3 million.

The sale of its equity interests in the Fluids Systems segment was completed on September 13, 2024. As a result, the results of the Fluids Systems segment are reported in discontinued operations for all periods. Newpark recorded initial cash proceeds of $70 million from the sale of Fluids Systems, with a net deferred consideration and note receivable of $18 million as of September 30, 2024.

For the third quarter of 2024, the company experienced a decline in revenues, operating income, and net cash provided by operating activities compared to the same period in 2023. Seasonal effects, unfavorable weather conditions, and maintenance events impacted Adjusted EBITDA by nearly $5 million. However, Newpark’s rental volumes rebounded, setting a new monthly record in October.

Under the leadership of President and CEO Matthew Lanigan, Newpark remains focused on organic investments, capital allocation, and shareholder returns. Lanigan highlighted the company’s commitment to simplifying its business structure post-Fluids divestiture and ongoing strategic growth initiatives.

The Company’s balance sheet as of September 30, 2024, reflected total cash of $43 million, total debt of $14 million, and available liquidity under its credit facility of $56 million. Newpark remains engaged in a multi-year business transformation plan to drive organic commercial growth and enhance its operational efficiency.

Newpark Resources will host a conference call on Friday, November 8, 2024, at 9:30 a.m. ET to discuss its financial results. The Company expects Industrial Solutions segment revenue in the range of $217 million to $223 million for the full year 2024, with Adjusted EBITDA expected to be in the range of $77 million to $81 million.

Investors and analysts are urged to participate in the conference call or access the webcast for more detailed insights into Newpark Resources’ financial performance and strategic direction.

The Company’s filings with the Securities and Exchange Commission can be accessed on www.sec.gov and its website at www.newpark.com.

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This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Newpark Resources’s 8K filing here.

About Newpark Resources

Newpark Resources, Inc provides products, rentals, and services primarily to the oil and natural gas exploration and production (E&P) industry. It operates through two segments, Fluids Systems and Industrial Solutions. The Fluids Systems segment provides drilling, completion, and stimulation fluids products and related technical services to customers primarily in the North America, Europe, the Middle East, and Africa, as well as other countries in the Asia Pacific and Latin America.