Business
National Energy Services Reunited Corp. Reports First Quarter 2020 Financial Results
HOUSTON, TX / ACCESSWIRE / May 6, 2020 / National Energy Services Reunited Corp. ("NESR" or the "Company") (NASDAQ:NESR)(NASDAQ:NESRW), a national,
About this update from National Energy Services Reunited Corp
[{"type":"text","content":"HOUSTON, TX / ACCESSWIRE / May 6, 2020 / National Energy Services Reunited Corp. (\"NESR\" or the \"Company\") (NASDAQ:NESR)(NASDAQ:NESRW), a national, industry-leading provider of integrated energy services in the Middle East and North Africa (\"MENA\") and Asia Pacific regions, today reported its financial results for the quarter March 31, 2020. The Company posted the following results for the periods presented:Revenue for the first quarter of 2020 is $199 million, growing 31% year-over-year and 8% over the sequential quarterNet Income for the first quarter of 2020 is $11 millionAdjusted Net Income (a non-GAAP measure) for the first quarter of 2020 is $13 million*Adjusted EBITDA (a non-GAAP measure) is $51 million, an increase of 25% year-over-year*Diluted Earnings per Share (EPS) for the first quarter of 2020 is $0.13Adjusted Diluted EPS (a non-GAAP measure), which includes $0.02 per share of Charges and Credits, for the first quarter of 2020 is $0.15* Three Months Ended Variance (in millions except per share amounts) March 31,2020 December 31,2019 March 31,2019 Sequential Year-over-year Revenue $199,299 $185,176 $151,704 8% 31%Net income 11,367 3,724 13,174 205% (14)%Adjusted net income (non-GAAP)* 13,042 18,948 14,546 (31)% (10)%Adjusted EBITDA (non-GAAP)* 50,938 51,749 40,723 (2)% 25%Diluted EPS 0.13 0.04 0.15 225% (13)%Adjusted Diluted EPS (non-GAAP)* 0.15 0.21 0.17 (29)% (12)%*The Company presents its financial results in accordance with generally accepted accounting principles in the United States of America (\"GAAP\"). However, management believes that using additional non-GAAP measures will enhance the evaluation of the profitability of the Company and its ongoing operations. Please see Tables 1, 2, 3, 4 and 5 below for reconciliations of GAAP to non-GAAP financial measures.Sherif Foda, Chairman of the Board and CEO of NESR said, \"Our performance during the first quarter of 2020 was outstanding. In the face of unprecedented challenges, wrought by the global coronavirus (COVID-19) pandemic and compounded by oil prices not seen in nearly twenty years, we managed to outperform and break our own record by delivering the best revenue quarter in the history of the Company. As the crisis emerged, our Crisis Management Team (\"CMT\") quickly mobilized to implement our business continuity plan while taking measures to protect...