Business
NCS Multistage Holdings, Inc. Announces Third Quarter 2021 Results
Third Quarter Results Total revenues of $32.4 million, a 99% year-over-year increase and a 51% increase compared to the second quarter of 2021Net income of
About this update from Ncs Multistage Holdings, Inc.
[{"type":"text","content":"Third Quarter Results Total revenues of $32.4 million, a 99% year-over-year increase and a 51% increase compared to the second quarter of 2021Net income of $2.8 million, a $8.7 million improvement compared to a net loss of $(5.9) million in the third quarter of 2020; earnings per diluted share of $1.14Adjusted EBITDA of $4.2 million, a $6.3 million improvement compared to $(2.1) million in the third quarter of 2020 and a $5.8 million improvement compared to the second quarter of 2021Net cash provided by operating activities and free cash flow of $6.7 million and $6.4 million, respectively, for the nine months ended September 30, 2021$18.4 million in cash and $8.2 million of total debt as of September 30, 2021 HOUSTON, Nov. 01, 2021 (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 ended September 30, 2021. Financial Review Total revenues were $32.4 million for the quarter ended September 30, 2021, which was an increase of 99% compared to the third quarter of 2020. This increase reflected higher product sales and services volumes in Canada and higher services volumes in the U.S., which was partially offset by reduced international product sales and services volumes and decreased U.S. product sales, especially at Repeat Precision, LLC (“Repeat Precision”), as well as lower pricing for certain products and services, including at Repeat Precision. We believe the overall increase resulted from higher industry drilling and completion activity in the third quarter of 2021 as compared to 2020, particularly in North America, as oil demand and commodity prices in the third quarter of 2021 were higher than the third quarter of 2020, which was more significantly impacted by the Coronavirus disease 2019 (“COVID-19”) pandemic. Total revenues increased by 51% as compared to the second quarter of 2021 with an increase of 140% in Canada partially offset by decreases of 13% in the U.S. and 25% in international markets. Gross profit, which we define as total revenues less total cost of sales exclusive of depreciation and amortization, was $14.8 million, or 46% of total revenues,...