Newpark Resources Inc. Reports Unaudited Consolidated Financial Results for the Quarter and Nine Months Ended September 30, 2018; Provides Tax Rate Guidance for the Fourth Quarter of 2018 and Capex Guidance for the Year 2018
October 25, 2018 at 04:15 pm EDT
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Newpark Resources announced unaudited consolidated earnings results for the quarter and nine months ended September 30, 2018. For the quarter, the company's revenue was $235,329,000 compared to $201,663,000 for the same period a year ago. Operating income was $10,054,000 compared to $9,882,000 for the same period a year ago. Income from operations before income taxes was $6,475,000 compared to $6,122,000 for the same period a year ago. Net income was $3,644,000 compared to $2,653,000 for the same period a year ago. Diluted income per common share was $0.04 compared to $0.03 for the same period a year ago. EBITDA (non-GAAP) was $21,734,000 compared to $19,462,000 for the same period a year ago.
For the nine months, the company's revenue was $698,884,000 compared to $543,374,000 for the same period a year ago. Operating income was $43,035,000 compared to $21,596,000 for the same period a year ago. Income from operations before income taxes was $31,782,000 compared to $10,251,000 for the same period a year ago. Net income was $21,712,000 compared to $3,302,000 for the same period a year ago. Diluted income per common share was $0.23 compared to diluted income per common share of $0.04 for the same period a year ago. Net cash provided by operating activities was $20,116,000 compared to $15,763,000 for the same period a year ago. Capital expenditures were $32,814,000 compared to $21,888,000 for the same period a year ago. EBITDA (non-GAAP) was $76,787,000 compared to $49,494,000 for the same period a year ago. Net debt as on September 30, 2018 was $136,155,000 compared to $104,123,000 for the same period a year ago.
The company expected its fourth quarter 2018 effective tax rate to be in the mid- to upper 30s, which is in a similar range to the year-to-date rate after adjusting for a few tax benefits, which the company do not expect to recur.
The company continued to expect full year 2018 CapEx of approximately $40 million. Roughly half of its full year capital expenditures will reflect growth investments, the majority of which consists of mat and rental fleet expansion.
Newpark Resources, Inc. is a geographically diversified supplier providing products, as well as rentals and services to customers across multiple industries. The Company operates through two segments include Industrial Solutions, Fluids Systems and Industrial Blending. Its Industrial Solutions segment provides temporary worksite access solutions, including the rental of its recyclable composite matting systems, along with related site construction and services to customers in various markets including power transmission, oil and natural gas exploration and production (E&P), pipeline, renewable energy, petrochemical, construction and other industries, primarily in the United States and Europe. Its Fluids Systems segment provides drilling, completion, and stimulation fluids products and related technical services to customers for oil, natural gas, and geothermal projects primarily in North America and Europe, the Middle East and Africa, as well as certain countries in Asia Pacific.
Newpark Resources Inc. Reports Unaudited Consolidated Financial Results for the Quarter and Nine Months Ended September 30, 2018; Provides Tax Rate Guidance for the Fourth Quarter of 2018 and Capex Guidance for the Year 2018