Welcome to our dedicated page for Newpark Resources news (Ticker: NR), a resource for investors and traders seeking the latest updates and insights on Newpark Resources stock.
Newpark Resources, Inc. (NYSE: NR) is a diversified company with a strong presence in the oilfield services sector, focused on two primary business segments: Industrial Solutions and Fluids Systems. Founded in 1932 and headquartered in The Woodlands, TX, Newpark has evolved to provide environmentally sensitive products, specialty rentals, and services across multiple industries including oil and gas exploration, electrical transmission and distribution, pipeline, renewable energy, petrochemical, and construction.
The Industrial Solutions segment is well-known for its site and access infrastructure services, offering products like the DURA-BASE™ composite mat system. This segment has shown robust performance, marked by significant revenue and adjusted EBITDA growth, benefiting from a favorable market for utility and infrastructure projects. Newpark continues to expand its rental fleet to meet the increasing demand for worksite access solutions.
Within the Fluids Systems segment, Newpark provides drilling, completion, and stimulation fluids products and related technical services, primarily to the oil, natural gas, and geothermal sectors. Despite challenges such as divestitures and market fluctuations, this segment has demonstrated resilience with strong international performance, especially in the Eastern Hemisphere and Canada.
Financially, Newpark has maintained a conservative balance sheet with a focus on reducing debt and enhancing liquidity. As of the latest reports, the company has made significant strides in free cash flow generation and net debt reduction. The company is also undergoing a strategic review of its Fluids Systems division, with plans to focus on its high-growth, high-margin Industrial Solutions segment.
Recent achievements include record quarterly revenues in the Industrial Solutions segment, improved operating margins, and substantial free cash flow generation. The company is well-positioned to capitalize on future growth opportunities with a strategic emphasis on operational excellence, asset optimization, and high-return capital investments.
Newpark's commitment to sustainability and innovation continues to drive its strategic initiatives, making it a leading provider of specialty rental and site access solutions globally.
Newpark Resources (NR) reported fourth-quarter 2022 revenues of $225.2 million, a rise from $219.9 million in Q3 2022 and $179.6 million in Q4 2021. Net income stood at $9.0 million, or $0.10 per diluted share, contributing $2.4 million from divestitures. Adjusted Net Income grew 27% sequentially to $0.07 per diluted share. The Industrial Solutions segment thrived with $57.5 million in revenue, while Fluids Systems saw a slight decline to $167.7 million, though operating income improved significantly. The company reduced debt by $47 million and plans to return value to shareholders through share repurchases.
Newpark Resources, Inc. (NYSE: NR) will release its fourth quarter 2022 results on February 16, 2023, after market close. The conference call for discussing the earnings will occur on February 17, 2023, at 9:30 a.m. Eastern. Stakeholders can access the call via phone or live stream from the company's website. A replay will be available until March 3, 2023, for those unable to attend live. Newpark is known for providing environmentally-sensitive products and services across various industries, including oil and gas and renewable energy.
Newpark Resources (NR) has successfully completed its exit from the Gulf of Mexico market through two key transactions. The company sold its Gulf of Mexico completions fluids assets for approximately $6 million and has entered a seven-year sublease for a drilling fluids facility, anticipating an additional $25 million cash generation. The divestiture strategy is projected to raise over $100 million in total cash, with $80 million expected by Q4 2022. Furthermore, 4.4 million shares were repurchased, enhancing shareholder value.
Newpark Resources (NYSE: NR) announced the retirement of Chairman Anthony J. Best following the upcoming Annual Meeting in May 2023. After his departure, the Board will reduce its size from eight to seven directors. In a separate decision, non-executive members' compensation, including the Chairman's, will be reduced by about 15% starting January 1, 2023. CEO Matthew Lanigan praised Best for his contributions during his nine years on the Board. Newpark focuses on providing environmentally-sensitive products and services across various industries.
Newpark Resources, Inc. has completed the sale of its Excalibar mineral grinding business and a blending facility in Conroe, Texas. These divestitures are expected to generate nearly $80 million in net cash, including $63 million received at closing. The proceeds will be utilized for debt reduction, investments in higher returning opportunities, and share repurchases.
The company continues to supply environmentally-sensitive products across various industries.
Newpark Resources, Inc. (NYSE: NR) reported its third-quarter results for 2022, showing total revenues of $219.9 million, up from $194.1 million in Q2 2022 and $151.8 million in Q3 2021. However, the company faced a net loss of ($24.6 million) or ($0.26 per share), largely due to $29.9 million in pre-tax impairment charges. Adjusted net income stood at $5.2 million, equating to $0.06 per diluted share. The firm is divesting certain assets, anticipating $80 million in cash proceeds to reduce debt and enhance shareholder returns.
Newpark Resources (NYSE: NR) announced a definitive agreement to sell its Excalibar mineral grinding business to Cimbar Resources for approximately $66 million in net cash. Excalibar had about $65 million in net capital employed as of September 30, 2022. The transaction is aligned with Newpark's strategy to streamline its Fluids Systems business. Additionally, a long-term barite supply agreement will be established with Cimbar for four years post-transaction. Proceeds are intended for corporate purposes, including debt reduction and potential share repurchases.
Newpark Resources has announced the release of its third quarter 2022 earnings on November 1, 2022, after market close. A live conference call will follow on November 2, 2022, at 9:30 a.m. Eastern. Investors can join the call by dialing 713-481-1320 or online at www.newpark.com. Replay options will be available until November 16, 2022. Newpark Resources provides environmentally-sensitive products and services across various industries including oil and gas, renewable energy, and construction.
Newpark Resources, Inc. (NR) reported a net loss of $7.8 million ($0.08 per share) for Q2 2022, contrasting with a net income of $2.5 million in Q1 2022. Total revenues rose to $194.1 million, a 10% increase from the prior quarter. Adjusted net income was $1.1 million ($0.01 per share). The Industrial Solutions segment revenue surged 38% sequentially, while the Fluids Systems segment saw a slight 3% revenue growth. Operating activities faced cash usage of $26 million. The company anticipates improved revenues and a return to positive cash flow in Q3, alongside potential cash generation of over $70 million from divestitures.
Newpark Resources, Inc. (NYSE: NR) will announce its second quarter 2022 results on August 2, 2022, after market close. A conference call will be held on August 3, 2022, at 10:00 a.m. Eastern to discuss the results. Participants can join by dialing 412-902-0030 or via the company’s website. A replay will be available until August 17, 2022. Newpark Resources specializes in providing environmentally-sensitive products and services across various sectors including oil and gas, renewable energy, and construction.
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