Business
National Energy Services Reunited Corp. Reports Second Quarter 2021 Financial Results
HOUSTON, TX / ACCESSWIRE / August 4, 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 / August 4, 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 June 30, 2021. The Company posted the following results for the periods presented:Revenue for the second quarter of 2021 is $235 million, growing 16% year-over-year and 11% over the sequential quarterFree cash flow (a non-GAAP measure) for the second quarter of 2021 is $12 million*Net Income for the second quarter of 2021 is $8 millionAdjusted Net Income (a non-GAAP measure) for the second quarter of 2021 is $13 million*Adjusted EBITDA (a non-GAAP measure) is $54 million, an increase of 7% over the sequential quarter and 3% year-over-year *Diluted Earnings per Share (EPS) for the second quarter of 2021 is $0.08Adjusted Diluted EPS (a non-GAAP measure), which includes $0.06 per share of Charges and Credits, for the second quarter of 2021 is $0.14* Three Months Ended Variance (in thousands except per share amounts and percentages) June 30,2021 March 31, 2021 June 30,2020 Sequential Year-over- year Revenue $ 234,927 $ 212,426 $ 203,249 11% 16%Net income 7,821 11,472 10,514 (32)% (26)%Adjusted net income (non-GAAP)* 12,817 13,677 12,342 (6)% 4%Adjusted EBITDA (non-GAAP)* 53,607 50,221 51,841 7% 3%Diluted EPS 0.08 0.13 0.12 (38)% (33)%Adjusted Diluted EPS (non-GAAP)* 0.14 0.15 0.14 (7)% -%Free cash flow (non-GAAP)* 11,663 35,240 15,948 $ (23,577) $ (4,285) *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, \"The second quarter was another milestone in which we continued to outpace market growth and prepared for the long international upcycle. We are very proud to have published our inaugural ESG report (https://www.nesr.com/assets/NESR-2020-ESG-Report.pdf), which highlights our core valu...