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NCS Multistage Holdings, Inc. (NASDAQ: NCSM) is a global leader in providing highly engineered products and support services that optimize oil and natural gas well construction, completions, and field development strategies. The company's primary focus is on coiled-tubing-enabled hydraulic fracturing technology, known for its efficiency in multistage oil and gas well completions, especially in shale and other unconventional formations.
NCS’s flagship product, the patented Multistage Unlimited® frac-isolation system, allows operating companies to design and execute optimized completions with less onsite equipment, water, and personnel. This system has delivered over 7,700 successful multistage completions globally, including in North America, Mexico, South America, Australia, Russia, and China.
The company offers a wide range of products and services, primarily to exploration and production companies for use in onshore wells. Their fracturing systems facilitate pinpoint stimulation, a process that ensures each entry point is efficiently stimulated, enhancing production and recovery rates. NCS Multistage generates a significant portion of its revenue from the United States, with notable contributions from international markets.
In recent financial updates, NCS reported total revenues of $38.3 million for the quarter ending September 30, 2023, marking a 22% decrease compared to the same quarter the previous year, primarily due to lower sales in Canada and the U.S., as well as decreased international services revenues. Despite these challenges, the company saw revenue increases of 51% sequentially from the second quarter of 2023, driven by gains in Canada and international markets.
NCS’s gross profit for the third quarter of 2023 was $15.7 million, or 41% of total revenues, reflecting higher costs due to lower product sales volumes and inflationary pressures. Selling, general and administrative expenses saw a notable decrease to $12.7 million, primarily due to lower incentive bonus accruals and professional fees.
Net income for the quarter was $4.4 million, or $1.77 per diluted share, an improvement from the previous year, bolstered by favorable pricing and operational efficiencies. Despite lower revenues compared to the prior year, the company maintained a strong balance sheet with $11.4 million in cash and $8.3 million in total debt as of September 30, 2023. NCS continues to pursue strategic growth in international and offshore markets, focusing on innovative solutions and customer base expansion.
NCS Multistage remains committed to delivering economic, environmental, and safety benefits through its advanced hydraulic fracturing technologies, positioning itself as a pivotal player in the oil and gas sector.
NCS Multistage Holdings, Inc. (Nasdaq: NCSM) reported revenues of $40.2 million for Q4 2022, an 11% year-over-year increase. Net income rose to $2.0 million, up from $1.7 million in Q4 2021, leading to earnings per diluted share of $0.81. For the full year, revenues reached $155.6 million, a 31% increase, while the net loss improved to $(1.1) million from $(4.7) million in 2021. Adjusted EBITDA for the year was $15.1 million, a 66% increase. The company ended 2022 with $16.2 million in cash and $7.9 million in debt, maintaining a solid liquidity position.
NCS Multistage Holdings, Inc. (NCSM) will announce its fourth quarter and full year 2022 results during a conference call on March 7, 2023, at 7:30 a.m. CT. The earnings release will be issued the evening prior. NCS specializes in providing highly engineered products and services that optimize oil and gas well construction and completions, primarily for exploration and production firms. The company operates in major oil and gas regions across North America and select international markets like Argentina and the Middle East.
NCS Multistage Holdings, Inc. (Nasdaq: NCSM) reported a strong third quarter 2022 with total revenues of $48.9 million, marking a 51% year-over-year increase. Net income rose to $3.9 million from $2.8 million, equating to earnings per diluted share of $1.58. Adjusted EBITDA improved to $8.4 million, up from $4.2 million in Q3 2021. The increase was driven by higher product sales, particularly in Canada, despite challenges like increased costs and no international product sales. NCS maintained a net cash position of $2.0 million as of September 30, 2022.
NCS Multistage Holdings, Inc. (NASDAQ:NCSM) has announced a conference call scheduled for November 1, 2022, at 7:30 a.m. CT to discuss its third quarter 2022 results. The earnings release will be available the evening prior. This call aims to provide insights into the company's financial performance, facilitating discussions and questions from participants. NCS Multistage specializes in engineered products and support services for oil and natural gas well optimization across various international markets.
NCS Multistage Holdings, Inc. (Nasdaq: NCSM) announced management changes effective November 1 and 3, 2022. Ryan Hummer transitions from Chief Financial Officer to Chief Executive Officer, while Michael Morrison will assume the CFO role. Morrison, previously CFO at ION Geophysical Corporation, expressed optimism about NCS's growth potential, citing its talented workforce and strong technology. Hummer emphasized Morrison's expertise will enhance NCS's leadership and drive operational excellence.
NCS Multistage Holdings, Inc. (NASDAQ:NCSM) announced a significant legal victory, as a Texas jury upheld the validity of its patent (U.S. Patent No. 10,465,445) related to the AirLock® casing buoyancy system, awarding NCS approximately $1.9 million in damages for patent infringement by TCO AS. CEO Robert Nipper emphasized the importance of this unanimous verdict in protecting their technology and its value. NCS boasts a portfolio of over 100 patents, reflecting its commitment to innovation in oil and gas well optimization.
NCS Multistage Holdings (NASDAQ:NCSM) will participate in the EnerCom Denver investor conference on August 9, 2022, at 2:20 p.m. Mountain time. CEO Robert Nipper and CFO Ryan Hummer are scheduled to present. A webcast will be made available on the company's website during and for 90 days post-event. NCS specializes in providing engineered products and services for oil and natural gas well construction and completions, serving both onshore and offshore operations across North America and select international markets.
NCS Multistage Holdings, Inc. (NCSM) reported a 28% revenue increase to $27.5 million for Q2 2022, driven by higher sales in North America despite a 30% decrease from Q1 2022. Net loss was $(5.5) million or $(2.25) per diluted share, with an adjusted EBITDA of $(2.0) million. Cash on hand stood at $14.9 million against total debt of $8.2 million. The company anticipates revenue growth in all regions for Q3, influenced by favorable drilling activities and commodity prices, although inflation and potential demand declines pose risks.
NCS Multistage Holdings, Inc. (Nasdaq: NCSM) announced the retirement of its founder and CEO, Robert Nipper, effective November 1, 2022. He will remain on the Board of Directors. Ryan Hummer, currently CFO, has been appointed as the new CEO and will join the Board as a Class II director. The transition is described as a result of thorough succession planning, with Hummer being viewed as a capable successor. NCS Multistage provides engineered products and services for oil and gas well construction and operates in various international markets.
NCS Multistage Holdings, Inc. (NASDAQ:NCSM) will host a conference call on August 2, 2022, at 7:30 a.m. CT to discuss its Q2 2022 results. The earnings release will be published the evening before. Interested participants can register to ask questions or join a listen-only webcast. NCS specializes in highly engineered products and support services for oil and natural gas well construction and completions across North America and select international markets including Argentina and the Middle East.
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