Business
National Energy Services Reunited Corp. Reports Third Quarter 2020 Financial Results
HOUSTON, TX / ACCESSWIRE / October 28, 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 / October 28, 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 September 30, 2020. The Company posted the following results for the periods presented:Revenue for the third quarter of 2020 is $218 million, growing 35% year-over-year and 7% over the sequential quarterFree cash flow (a non-GAAP measure) for the third quarter of 2020 is $9 million*Net Income for the third quarter of 2020 is $12 million, growing 11% over the sequential quarterAdjusted Net Income (a non-GAAP measure) for the third quarter of 2020 is $14 million*Adjusted EBITDA (a non-GAAP measure) is $56 million, an increase of 17% year-over-year and 8% over the sequential quarter*Diluted Earnings per Share (\"EPS\") for the third quarter of 2020 is $0.13Adjusted Diluted EPS (a non-GAAP measure) for the third quarter of 2020 is $0.16* Three Months Ended Variance (in thousands except per share amounts and percentages) September 30,2020 June 30, 2020 September 30,2019 Sequential Year-over- year Revenue $ 218,423 $ 203,249 $ 161,606 7% 35%Net income 11,666 10,536 11,110 11% 5%Adjusted net income (non-GAAP)* 14,165 12,342 16,195 15% (13)%Adjusted EBITDA (non-GAAP)* 55,803 51,841 47,708 8% 17%Diluted EPS 0.13 0.12 0.13 8% -%Adjusted Diluted EPS (non-GAAP)* 0.16 0.14 0.19 14% (16)%Free cash flow (non-GAAP)* 8,668 15,531 (12,530) (6,863) 21,198 *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 incredibly blessed to have such talented employees who always manage to beat all records and continue to grow and deliver in contrast to the market despite the existence of a worldwide pandemic. We maintained our usual close contacts with our customers in the region and managed to achiev...