Business
KLX Energy Services Holdings, Inc. Reports Fiscal Third Quarter 2021 Results
HOUSTON, Dec. 9, 2021 /PRNewswire/ -- KLX Energy Services Holdings, Inc. (Nasdaq: KLXE) ("KLXE" or the "Company") today reported its financial results for the
About this update from Klx Energy Services Holdings, Inc.
[{"type":"text","content":"HOUSTON, Dec. 9, 2021 /PRNewswire/ -- KLX Energy Services Holdings, Inc. (Nasdaq: KLXE) (\"KLXE\" or the \"Company\") today reported its financial results for the fiscal third quarter ended October 31, 2021. \nFiscal Third Quarter 2021 Highlights\nFiscal third quarter 2021 revenue of $139.0 million increased $27.1 million, or 24.2%, sequentially, from the fiscal second quarter Fiscal third quarter 2021 net loss was $18.8 million, improving 24.8% compared to a net loss of $25.0 million for the fiscal second quarter Fiscal third quarter 2021 Adjusted EBITDA of $5.0 million, increased $4.4 million, or 733.3% sequentially, from the second fiscal quarter Fiscal third quarter ending cash balance of $40.8 million increased $1.4 million, or 3.6% sequentially, from the second fiscal quarter Fiscal third quarter available liquidity position of $70.8 million increased $13.6 million, or 23.8%, from the fiscal second quarter*See \"Non-GAAP Financial Measures\" at the end of this release for a discussion of Adjusted EBITDA, Adjusted EBITDA margin, free cash flow, net working capital and their reconciliation to the most directly comparable financial measure calculated and presented in accordance with U.S. generally accepted accounting principles (\"GAAP\"). We have not provided reconciliations of our future expectations as to Adjusted EBITDA or Adjusted EBITDA margin as such reconciliation is not available without unreasonable efforts. \nChris Baker, President and Chief Executive Officer of KLXE, stated, \"We are very pleased that our fiscal third quarter revenue grew 24.2% sequentially, exceeding our guidance of 8% to 12%. This sequential improvement was supported by higher activity levels and pricing discipline across many of our service lines. Fueled by our improved topline, our merger synergies, and additional incremental cost savings realized during the fiscal third quarter, Adjusted EBITDA increased sequentially by $4.4 million from fiscal second quarter 2021 levels and generated positive Adjusted EBITDA for the second consecutive quarter.\n\"Looking forward, we believe the market remains constructive for KLXE despite recent headwinds. We expect improved pricing and activity will continue to drive positive results, with pro forma(1) calendar fourth quarter revenue expected to be between $140 million and $145 million, which would equate t...