Business
NCS Multistage Holdings, Inc. Announces Fourth Quarter and Full Year 2022 Results
Fourth Quarter Results Total revenues of $40.2 million, an 11% year-over-year increaseNet income of $2.0 million, compared to $1.7 million for the fourth
About this update from Ncs Multistage Holdings, Inc.
[{"type":"text","content":"Fourth Quarter Results Total revenues of $40.2 million, an 11% year-over-year increaseNet income of $2.0 million, compared to $1.7 million for the fourth quarter of 2021, a $0.3 million improvement resulting in earnings per diluted share of $0.81Adjusted EBITDA of $6.4 million, slightly below the fourth quarter of 2021$16.2 million in cash and $7.9 million of total debt as of December 31, 2022 Full Year Results Total revenues of $155.6 million, a 31% increase over the prior yearNet loss of $(1.1) million, compared to a net loss of $(4.7) million in 2021, a $3.6 million improvement resulting in loss per diluted share of $(0.45)Adjusted EBITDA of $15.1 million, compared to $9.1 million in 2021, a $6.0 million improvement HOUSTON, March 06, 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 and year ended December 31, 2022. Financial Review Fourth Quarter 2022 Financial Results Total revenues were $40.2 million for the quarter ended December 31, 2022, which was an increase of 11% compared to the fourth quarter of 2021. This increase reflected higher product sales and services volumes in Canada and the United States, partially offset by lower international product sales and services volumes, for which individual orders can be larger and less frequent. We believe the overall increase in revenues largely resulted from higher drilling and completion activity in the fourth quarter of 2022 compared to the same period in 2021, particularly in North America, attributable to higher demand for oil and natural gas and more favorable commodity prices. Total revenues decreased by 18% compared to the third quarter of 2022, with a decrease in revenue in Canada of 29%, reflecting both strong customer activity during the third quarter and the expected decline in the fourth quarter as customers reduced activity for the winter holidays, as well as a decrease of 26% in international markets, partially offset by an increase of 17% in the United States, supported by increased fracturing systems revenue. Gross profit, which we define as total revenues less total ...