Business
National Energy Services Reunited Corp. Reports Fourth Quarter 2020 Financial Results
HOUSTON, TX / ACCESSWIRE / February 24, 2021 / 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 / February 24, 2021 / 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 ended December 31, 2020. The Company posted the following results for the periods presented:Revenue for the full year 2020 is $834 million, growing 27% year-over-yearRevenue for the fourth quarter of 2020 is $213 million, growing 15% year-over-year and decreased 2% quarter-over-quarteFree cash flow (a non-GAAP measure) for the fourth quarter of 2020 is $33 million, improving $25 million over the sequential quarter and $7 million year-over-year*Net Income for the fourth quarter of 2020 is $17 million, growing 344% year-over-year and 42% over the sequential quarterAdjusted Net Income (a non-GAAP measure) for the fourth quarter of 2020 is $18 million*Adjusted EBITDA (a non-GAAP measure) is $55 million, an increase of 6% year-over-year*Diluted Earnings per Share (\"EPS\") for the fourth quarter of 2020 is $0.18Adjusted Diluted EPS (a non-GAAP measure) for the fourth quarter of 2020 is $0.20* Three Months Ended Variance (in thousands except per share amounts and percentages) December 31,2020 September 30,2020 December 31,2019 Sequential Year-over-year Revenue $213,175 $218,423 $185,176 (2)% 15%Net income 16,518 11,666 3,724 42% 344%Adjusted net income (non-GAAP)* 18,454 14,165 18,948 30% (3)%Adjusted EBITDA (non-GAAP)* 54,615 55,803 51,749 (2)% 6%Diluted EPS 0.18 0.13 0.04 38% 350%Adjusted Diluted EPS (non-GAAP)* 0.20 0.16 0.21 25% (5)%Free cash flow (non-GAAP)* 33,290 8,668 26,027 24,622 7,263 *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, 5 and 6 below for reconciliations of GAAP to non-GAAP financial measures.Sherif Foda, Chairman of the Board and CEO of NESR, said, \"NESR delivered another solid quarter despite ongoing regional and global turbulence from the coronavirus pandemic. Commercially, our team's focus...