Business
National Energy Services Reunited Corp. Reports Second Quarter 2020 Financial Results
HOUSTON, TX / ACCESSWIRE / August 4, 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 / August 4, 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 ended June 30, 2020. The Company posted the following results for the periods presented:Revenue for the second quarter of 2020 is $203 million, growing 27% year-over-year and 2% over the sequential quarterFree cash flow (a non-GAAP measure) for the second quarter of 2020 is $16 million*Net Income for the second quarter of 2020 is $11 millionAdjusted Net Income (a non-GAAP measure) for the second quarter of 2020 is $12 million*Adjusted EBITDA (a non-GAAP measure) is $52 million, an increase of 13% year-over-year and 2% over the sequential quarter*Diluted Earnings per Share (EPS) for the second quarter of 2020 is $0.12Adjusted Diluted EPS (a non-GAAP measure), which includes $0.02 per share of Charges and Credits, for the second quarter of 2020 is $0.14* Three Months Ended Variance (in thousands except per share amounts and percentages) June 30,2020 March 31, 2020 June 30,2019 Sequential Year-over- year Revenue $ 203,249 $ 199,299 $ 159,899 2% 27%Net income 10,536 11,367 11,356 (7)% (7)%Adjusted net income (non-GAAP)* 12,342 13,042 16,410 (5)% (25)%Adjusted EBITDA (non-GAAP)* 51,841 50,938 45,714 2% 13%Diluted EPS 0.12 0.13 0.13 (8)% (8)%Adjusted Diluted EPS (non-GAAP)* 0.14 0.15 0.19 (7)% (26)%Free cash flow (non-GAAP)* 15,948 (14,010) (48,704) $ 29,958 $ 64,652 *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, \"We are very proud of our field personnel's ability to outperform themselves and deliver another solid quarter, growing both the top and bottom lines, despite the pandemic and economic turmoil experienced around the globe. As the National Champion of MENA, we benefitted from the r...