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National Energy Services Reunited Corp. Reports Third Quarter Financial Results
Revenue for the quarter ended September 30, 2024, is $336.2 million, growing 12.0% year-over-year and 3.5% on a sequential quarter basisNet income for the
About this update from National Energy Services Reunited Corp
[{"type":"text","content":"Revenue for the quarter ended September 30, 2024, is $336.2 million, growing 12.0% year-over-year and 3.5% on a sequential quarter basisNet income for the quarter ended September 30, 2024, is $20.6 million, growing 40.0% year-over-year and 9.2% on a sequential quarter basisAdjusted EBITDA (a non-GAAP measure)* for the quarter ended September 30, 2024 is $80.0 million, growing 12.9% year-over-year and 1.8% on a sequential quarter basisDiluted Earnings per Share (EPS) for the quarter ended September 30, 2024, is $0.22, growing 37.5% year-over-year and 10.0% on a sequential quarter basisOperating cash flow for the nine months ended September 30, 2024, is $183.1 million, improving 30.4% year-over-yearFree cash flow (a non-GAAP measure)* for the nine months ended September 30, 2024, is $103.0 million, improving 38.1% year-over-year HOUSTON, TX / ACCESSWIRE / November 19, 2024 / 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\") region, today reported its financial results as of and for the three- and nine-month periods ended September 30, 2024. The Company posted the following results for the periods presented: Three Months Ended Variance (in thousands except per share amounts and percentages) September 30, 2024 June 30, 2024 September 30, 2023 Sequential Year-over-year Revenue $336,205 $324,969 $300,084 3.5% 12.0%Net income 20,618 18,873 14,731 9.2% 40.0%Adjusted net income (non-GAAP)* 28,912 27,356 19,797 5.7% 46.0%Adjusted EBITDA (non-GAAP)* 80,035 78,655 70,885 1.8% 12.9%Diluted EPS 0.22 0.20 0.16 10.0% 37.5%Adjusted Diluted EPS (non-GAAP)* 0.31 0.29 0.21 6.9% 47.6%*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 consoli...