Business
National Energy Services Reunited Corp. Reports Third Quarter 2021 Financial Results
HOUSTON, TX / ACCESSWIRE / November 3, 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 / November 3, 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 September 30, 2021. The Company posted the following results for the periods presented:Revenue for the third quarter of 2021 is $218 millionFree cash flow (a non-GAAP measure) for the third quarter of 2021 is $17 million*Entered into a flagship, sustainability-linked, green credit facility refinancingNet Income for the third quarter of 2021 is $2 millionAdjusted Net Income (a non-GAAP measure) for the third quarter of 2021 is $7 million*Adjusted EBITDA (a non-GAAP measure) is $49 million*Diluted Earnings per Share (EPS) for the third quarter of 2021 is $0.02Adjusted Diluted EPS (a non-GAAP measure), which includes $0.06 per share of Charges and Credits, for the third quarter of 2021 is $0.08* Three Months Ended Variance(in thousands except per share amounts and percentages)September 30, 2021 June 30, 2021 September 30, 2020 Sequential Year-Over-Year Revenue$217,992 $234,927 $218,423 (7)% -Net income 1,931 7,821 11,666 (75)% (83)%Adjusted net income (non-GAAP)* 6,984 12,817 14,165 (46)% (51)%Adjusted EBITDA (non-GAAP)* 48,674 53,607 55,803 (9)% (13)%Diluted EPS 0.02 0.08 0.13 (75)% (85)%Adjusted Diluted EPS (non-GAAP)* 0.08 0.14 0.16 (43)% (50)%Free cash flow (non-GAAP)* 17,005 11,663 8,668 $5,342 $8,337*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, \"During the quarter, our team continued to prepare NESR for the emerging upcycle by generating strong free cash flow, securing multiple new contract awards, and executing a bevy of key technology partnerships. We are also extremely excited about the speed of development of our own disruptive drilling technologies, ESG Impact Segmen...