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2020-10-28

EQS-News: National Energy Services Reunited Corp. Reports Third Quarter 2020 Financial Results

National Energy Services Reunited Corp. Reports Third Quarter 2020 Financial Results

Houston, 10/28/2020 / 05:00, EST/EDT - EQS Newswire - National Energy Services Reunited Corp. (Nasdaq)


HOUSTON, TX / ACCESSWIRE / October 28, 2020 / National Energy Services Reunited Corp. ("NESR" or the "Company") (NASDAQ:NESR) (NASDAQ:NESRW), a national, industry-leading provider of integrated energy services in the Middle East and North Africa ("MENA") and Asia Pacific regions, today reported its financial results for the quarter ended September 30, 2020. The Company posted the following results for the periods presented:

  • Revenue for the third quarter of 2020 is $218 million, growing 35% year-over-year and 7% over the sequential quarter
  • Free cash flow (a non-GAAP measure) for the third quarter of 2020 is $9 million*
  • Net Income for the third quarter of 2020 is $12 million, growing 11% over the sequential quarter
  • Adjusted Net Income (a non-GAAP measure) for the third quarter of 2020 is $14 million*
  • Adjusted EBITDA (a non-GAAP measure) is $56 million, an increase of 17% year-over-year and 8% over the sequential quarter*
  • Diluted Earnings per Share ("EPS") for the third quarter of 2020 is $0.13
  • Adjusted Diluted EPS (a non-GAAP measure) for the third quarter of 2020 is $0.16*
  Three Months Ended  Variance 
(in thousands except per share amounts and percentages) September 30, 2020  June 30, 2020  September 30, 2019  Sequential  Year-over- year 
                
Revenue 218,423  203,249  161,606   7%  35%
Net income  11,666   10,536   11,110   11%  5%
Adjusted net income (non-GAAP)*  14,165   12,342   16,195   15%  (13)%
Adjusted EBITDA (non-GAAP)*  

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