Business
NCS Multistage Holdings, Inc. Announces First Quarter 2023 Results
First Quarter Results Total revenues of $43.6 million, an 11% year-over-year increase and an 8% increase compared to the fourth quarter of 2022Net loss of
About this update from Ncs Multistage Holdings, Inc.
[{"type":"text","content":"First Quarter Results Total revenues of $43.6 million, an 11% year-over-year increase and an 8% increase compared to the fourth quarter of 2022Net loss of $(15.0) million and loss per share of $(6.10), compared to a net loss of $(1.5) million and a loss per share of $(0.64) in the first quarter of 2022Adjusted net income of $1.2 million, a $3.0 million improvement from the first quarter of 2022, resulting in adjusted earnings per diluted share of $0.50Adjusted EBITDA of $4.9 million, an increase of $2.6 million from the first quarter of 2022$13.6 million in cash and $8.4 million of total debt as of March 31, 2023 HOUSTON, May 09, 2023 (GLOBE NEWSWIRE) -- NCS Multistage Holdings, Inc. (Nasdaq: NCSM) (the “Company,” “NCS,” “we” or “us”), a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies, today announced its results for the quarter ended March 31, 2023. Financial Review Total revenues were $43.6 million for the quarter ended March 31, 2023, which was an increase of 11% compared to the first quarter of 2022. This increase reflects higher United States, Canada and international product sales, as well as an increase in service revenues in the United States, offset by declines in Canadian and international service revenues. We believe the overall increase in revenues largely resulted from higher industry drilling and completion activity in the first quarter of 2023 as compared to the first quarter of 2022, particularly in North America, attributable primarily to higher demand for oil and natural gas, as well as selected price increases and the mix of product and service offerings during the relative periods. Total revenues increased by 8% compared to the fourth quarter of 2022, with an increase in revenue in Canada of 24%, reflecting favorable customer activity levels during the first quarter of 2023 while the fourth quarter of 2022 was impacted by the winter holidays. The sequential revenue increase in Canada was partially offset by decreases of 16% and 19% in the United States and international markets, respectively. Gross profit, which we define as total revenues less total cost of sales exclusive of depreciation and amortization, for the first quarter of 2023 was $18.5 million, or 43% of t...