Business
National Energy Services Reunited Corp. Reports Second Quarter and First Half 2024 Financial Results
Revenue for the quarter ended June 30, 2024 is $325.0 million, growing 15.9% year-over-year and 9.5% on a sequential quarter basisNet income for the quarter
About this update from National Energy Services Reunited Corp
[{"type":"text","content":"Revenue for the quarter ended June 30, 2024 is $325.0 million, growing 15.9% year-over-year and 9.5% on a sequential quarter basisNet income for the quarter ended June 30, 2024 is $18.9 million, growing 870.3% year-over-year and 89.1% on a sequential quarter basisAdjusted EBITDA (a non-GAAP measure)* for the quarter ended June 30, 2024 is $78.7 million, growing 30.2% year-over-year and 22.5% on a sequential quarter basisDiluted Earnings per Share (EPS) for the quarter ended June 30, 2024 is $0.20, growing 900.0% year-over-year and 100.0% on a sequential quarter basisOperating cash flow for the six months ended June 30, 2024, is $112.3 million, improving 55.1% year-over-yearFree cash flow (a non-GAAP measure)* for the six months ended June 30, 2024, is $59.6 million, improving 73.2% year-over-year HOUSTON, TX / ACCESSWIRE / August 29, 2024 / National Energy Services Reunited Corp. (\"NESR\" or the \"Company\") (OTC PINK:NESR)(OTC PINK:NESRW), a national, industry-leading provider of integrated energy services in the Middle East and North Africa (\"MENA\") region, today reported its financial results as of and for the three- and six-month periods ended June 30, 2024. The Company posted the following results for the periods presented: Three Months Ended Variance (in thousands except per share amounts and percentages) June 30,2024 March 31,2024 June 30,2023 Sequential Year-over- year Revenue $324,969 $296,848 $280,311 9.5% 15.9%Net income 18,873 9,982 1,945 89.1% 870.3%Adjusted net income (non-GAAP)* 27,356 14,046 6,041 94.8% 352.8%Adjusted EBITDA (non-GAAP)* 78,655 64,216 60,411 22.5% 30.2%Diluted EPS 0.20 0.10 0.02 100.0% 900.0%Adjusted Diluted EPS (non-GAAP)* 0.29 0.15 0.07 93.3% 314.3%*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. The Condensed Consolidated Balance Sheets, Condensed Consolidated Interim Statements of Operations, and Condensed Consolidated Interim Statements of Cash Flows are derived from the unaudited condensed consolidated interim financial statements prese...