Business
NCS Multistage Holdings, Inc. Announces Fourth Quarter and Full Year 2021 Results
Fourth Quarter Results Total revenues of $36.1 million, a 32% year-over-year increase and an 11% increase compared to the third quarter of 2021Net income of
About this update from Ncs Multistage Holdings, Inc.
[{"type":"text","content":"Fourth Quarter Results Total revenues of $36.1 million, a 32% year-over-year increase and an 11% increase compared to the third quarter of 2021Net income of $1.7 million as compared to $8.6 million and $2.8 million in the fourth quarter of 2020 and the third quarter of 2021, respectively, and earnings per diluted share of $0.68; adjusted net income of $1.2 million and adjusted earnings per diluted share of $0.48Adjusted EBITDA of $6.5 million, a $3.5 million improvement compared to the fourth quarter of 2020 and a $2.3 million improvement compared to the third quarter of 2021Net cash provided by operating activities, free cash flow and free cash flow after distributions to non-controlling interest of $11.6 million, $11.1 million and $8.4 million, respectively, for the year ended December 31, 2021$22.2 million in cash and $7.8 million of total debt as of December 31, 2021 HOUSTON, March 07, 2022 (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 completions and field development strategies, today announced its results for the quarter and year ended December 31, 2021. Financial Review Fourth Quarter 2021 Financial Results Total revenues were $36.1 million for the quarter ended December 31, 2021, which was an increase of 32% compared to the fourth quarter of 2020. This increase reflected higher product sales and services volumes in all geographic areas except for U.S. product sales, including Repeat Precision, LLC (“Repeat Precision”), partially offset by lower pricing for certain products and services, including at Repeat Precision. We believe the overall increase in revenues largely resulted from higher industry drilling and completion activity in the fourth quarter of 2021 as compared to 2020, particularly in North America, as oil demand and commodity prices in the fourth quarter of 2021 were higher than the fourth quarter of 2020, which was more significantly impacted by the Coronavirus disease 2019 (“COVID-19”) pandemic. Total revenues increased by 11% as compared to the third quarter of 2021 with an increase of 25% in the U.S. and 98% in international markets partially offset by a decrease of 2% in Canada. Gross profit, which we define as total r...