Newpark Resources, Inc. - NR STOCK NEWS

Newpark Resources, Inc. (NYSE: NR) announced the retirement of G. Stephen Finley from its Board of Directors after 15 years of service, effective post the upcoming Annual Meeting in May 2022. Finley, who has been crucial in the company's transformation, served as Chairman of the Audit Committee from 2009 to 2021. Under his leadership, Newpark navigated oil and gas industry downturns and reduced debt while expanding its presence in other sectors. The company thanked Finley for his invaluable contributions during his tenure.

Newpark Resources, Inc. (NYSE: NR) appointed Claudia M. Meer as an independent Board member, effective March 1, 2022. This decision aligns with the company's commitment to enhancing Board diversity and is part of the ESG Committee's strategy. Claudia brings significant experience in clean energy, corporate finance, and M&A, previously serving as Chief Investment Officer at AlphaStruxure. Her appointment aims to guide Newpark through the evolving energy transition, strengthening its focus on sustainable technology and services.

Newpark Resources (NYSE: NR) announced a Cooperation Agreement with Bradley L. Radoff, leading to the appointment of Donnie Young to its Board of Directors on March 1, 2022. As part of the agreement, Newpark will nominate a diverse candidate with industry expertise for election at the 2022 Annual Meeting to replace an incumbent director. The Board's size will increase by one with Young's addition, highlighting the company's commitment to engaging with shareholders. Young brings significant experience from various leadership roles in private equity and industrial sectors, indicating potential future value enhancement.

Newpark Resources reported fourth quarter 2021 revenues of $179.6 million, up from $151.8 million in Q3 2021 and $129.7 million in Q4 2020. Despite the increase, the company faced a net loss of $3.7 million compared to a loss of $10.5 million in the previous quarter. The Fluids Systems segment saw revenues rise 18% sequentially, while the Industrial Solutions segment also increased 18%. A restructuring plan was announced, which may incur pre-tax charges between $4 million and $8 million for exiting blending operations.

Newpark Resources, Inc. (NYSE: NR) will release its fourth quarter 2021 results on February 17, 2022, after market close. A live conference call is scheduled for February 18, 2022, at 10:00 a.m. Eastern, to discuss the results. The event can be accessed via phone or online, and a replay will be available until March 4, 2022. Newpark is a diversified supplier providing products and services across various industries, including oil and gas and renewable energy.

Newpark Resources, Inc. (NYSE: NR) announced a non-binding Memorandum of Understanding with TAQA to establish a joint venture in Saudi Arabia. This venture will focus on providing oilfield chemicals, drilling fluids, and services, aligning with the Kingdom's demand for cleaner energy. TAQA's CEO highlighted the partnership as a pivotal step in enhancing their capabilities for integrated drilling services. Newpark will support this effort by boosting specialty chemicals R&D and manufacturing in the region.

Newpark Resources (NYSE: NR) announced the repayment of $39 million in convertible notes and the acquisition of Lentzcaping, Inc. for approximately $14 million. This acquisition aims to enhance Newpark's service offerings in the Northeast U.S. utilities market, where Lentzcaping has been a key partner. The deal is expected to close in December 2021, subject to customary conditions. CEO Paul Howes emphasized the importance of maintaining liquidity and creating long-term shareholder value through strategic initiatives and partnerships.

On November 23, 2021, shareholder Bradley L. Radoff, holding approximately 4.9% of Newpark Resources, Inc. (NYSE: NR), urged the company’s Board of Directors to separate its Industrial Solutions and Fluid Systems segments. Radoff argues that the current structure undervalues the company, with a 65% decline in share price over five years, and emphasizes the potential for a 100% upside in value through a split. He highlights that the two segments lack synergies and attract different investor bases, stressing the need for a swift organizational change to unlock shareholder value.

Newpark Resources reported its third-quarter 2021 results, with total revenues of $151.8 million, up from $142.2 million in Q2 and $96.4 million in Q3 2020. However, a net loss of $10.5 million was recorded, worsening from $6.0 million in Q2 2021 due to $4.0 million in pre-tax charges related to Hurricane Ida. The Fluids Systems segment saw revenues rise by 11% sequentially, driven by international market strength, while the Industrial Solutions segment's operating income fell to $8.1 million.