Business
National Energy Services Reunited Corp. Reports Fourth Quarter and Full Year 2019 Financial Results
HOUSTON, TX / ACCESSWIRE / February 26, 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 / February 26, 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 and year ended December 31, 2019. The Company posted the following results for the periods presented:Revenue for the fourth quarter of 2019 is $185 million, growing 17% year-over-yearGross collections of $207M in the fourth quarter drove free cash flow of $26 million and a net debt decrease of $20 millionNet Income for the fourth quarter of 2019 is $4 millionAdjusted Net Income (a non-GAAP measure) for the fourth quarter of 2019 is $19 million*Adjusted EBITDA (a non-GAAP measure) is $52 million as compared to $48 million in the prior quarter*Diluted Earnings per Share (EPS) for the fourth quarter of 2019 is $0.04, which includes $0.17 per share of Charges and CreditsAdjusted Diluted EPS (a non-GAAP measure) for the fourth quarter of 2019 is $0.21* Three Months Ended Variance (in millions except per share amounts) December 31,2019 September 30,2019 December 31,2018 Sequential Year-over-year Revenue $185,176 $161,606 $158,024 15% 17%Net income 3,724 11,110 22,788 (66)% (84)%Adjusted net income (non-GAAP)* 18,948 16,195 17,892 17% 6%Adjusted EBITDA (non-GAAP)* 51,749 47,708 49,948 8% 4%Diluted EPS 0.04 0.13 0.26 (69)% (85)%Adjusted Diluted EPS (non-GAAP)* 0.21 0.19 0.21 11% -%*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 and 4 below for reconciliations of GAAP to non-GAAP financial measures.Sherif Foda, Chairman of the Board and CEO of NESR said, \"NESR achieved very important milestones this quarter which will bring a step change to the Company going forward. We opened a casing accessories manufacturing facility in Oman to deepen our commitment to In-Country Value creation and local employment, a cornerstone of our ESG strategy in the region. We also commenced operations under a significant unconventional gas stim...