Business
NCS Multistage Holdings, Inc. Announces Fourth Quarter and Full Year 2023 Results
Fourth Quarter Results Total revenues of $35.2 million, compared to $40.2 million in 2022Net income of $39.6 million and earnings per diluted share of $15.80,
About this update from Ncs Multistage Holdings, Inc.
[{"type":"text","content":"Fourth Quarter Results Total revenues of $35.2 million, compared to $40.2 million in 2022Net income of $39.6 million and earnings per diluted share of $15.80, benefited by a legal settlement, compared to $2.0 million and earnings per diluted share of $0.81 for the fourth quarter of 2022Adjusted net loss of $(0.9) million and adjusted loss per share of $(0.36), compared to adjusted net income of $1.8 million and adjusted earnings per diluted share of $0.75 in the fourth quarter of 2022Adjusted EBITDA of $2.5 million, compared to $6.4 million in the fourth quarter of 2022 Full Year Results Total revenues of $142.5 million, compared to $155.6 million in 2022Net loss of $(3.2) million and a loss per share of $(1.27), compared to a net loss of $(1.1) million and a loss per share of $(0.45) in 2022Adjusted net loss of $(1.3) million and adjusted loss per share of $(0.51), compared to adjusted net loss of $(0.2) million and adjusted loss per share of $(0.09) in 2022Adjusted EBITDA of $11.9 million, compared to $15.1 million in 2022Free cash flow after distributions to non-controlling interest of $2.6 million, an increase of $4.7 million compared to 2022 HOUSTON, March 07, 2024 (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, 2023. Financial Review Fourth Quarter 2023 Financial Results Total revenues were $35.2 million for the quarter ended December 31, 2023, a decrease of 12% compared to the fourth quarter of 2022. This decrease reflects lower U.S. and international product sales and services revenues and lower Canadian services revenues, partially offset by an increase in Canadian product sales. These results were impacted by lower activity levels in 2023 compared to the prior year. The average rig counts in Canada and the United States decreased in the fourth quarter of 2023 by 4% and 21%, respectively, compared to the same period in 2022. Sales of our products in the United States continue to be affected by lower natural gas prices, which had a negative impact on customer activity levels, and sales in Canada were pri...