Newpark Resources(US:NR)2025-02-26 21:23Financial Performance - Revenues for Q4 2024 were $57.5 million, representing a 24% increase compared to Q4 2023[3] - Adjusted EBITDA for Q4 2024 was $17.1 million, up 35% year-over-year, with an Adjusted EBITDA margin of 29.7%[3][7] - Full-year 2024 revenues totaled $217.5 million, a 5% increase from $207.6 million in 2023[3][4] - Income from continuing operations for Q4 2024 was $8.0 million, or $0.09 per diluted share, compared to $5.2 million, or $0.06 per diluted share, in Q4 2023[7] - Operating income from continuing operations for the twelve months ended December 31, 2024, rose to $32,351 thousand, compared to $22,940 thousand for the same period in 2023, reflecting a 41% increase[19] - Net income for the twelve months ended December 31, 2024, was a loss of $150,262 thousand, significantly down from a net income of $14,516 thousand in 2023[21] - Adjusted Income from Continuing Operations for the three months ended December 31, 2024, was $7,097,000, compared to $341,000 for the previous quarter[24] - EBITDA from Continuing Operations for the twelve months ended December 31, 2024, was $54,138,000, compared to $47,425,000 for the previous year, reflecting a year-over-year increase of 14.4%[25] Revenue Growth - The company expects 2025 revenue growth of 10% and Adjusted EBITDA growth of 18% compared to 2024[5][6] - Specialty rental revenues reached a record $42 million in Q4 2024, driven by strong customer demand[10] - Revenues for the three months ended December 31, 2024, increased to $57,524 thousand, up 30% from $44,207 thousand in the previous quarter[18] - Rental and service revenues for the three months ended December 31, 2024, were $41,800 thousand, an increase from $32,408 thousand in the previous quarter[19] - Revenues for the three months ended December 31, 2024, increased to $57,524,000, up from $44,207,000 in the previous quarter, representing a growth of 29.5%[25] Expenses and Cash Flow - Selling, general and administrative expenses were $10.7 million in Q4 2024, down from $10.2 million in Q4 2023, representing 18.6% of revenues[8] - Free Cash Flow for the three months ended December 31, 2024, was $(15,909,000), compared to $(5,561,000) in the previous quarter, indicating a decline in cash flow[26] - The company reported a net cash used in operating activities of $(4,127,000) for the three months ended December 31, 2024[26] - The company incurred severance costs of $416,000 for the three months ended December 31, 2024[24] Assets and Liabilities - Total cash as of December 31, 2024, was $18 million, with total debt of $8 million[9] - Cash and cash equivalents increased to $17,756 thousand as of December 31, 2024, compared to $789 thousand at the end of 2023[20] - Total current assets decreased to $112,984 thousand as of December 31, 2024, down from $357,224 thousand in 2023, primarily due to the sale of the Fluids Systems business[20] - The company had total liabilities of $67,187 thousand as of December 31, 2024, down from $226,972 thousand in 2023[20] Capital Expenditures and Future Plans - Capital expenditures for 2025 are expected to be between $35 million and $40 million, with 80% allocated to expanding the rental fleet[6] - The company launched a new brand identity, changing its name to NPK International, and began trading under the ticker symbol 'NPKI' on December 19, 2024[10] Share Information - The weighted average shares outstanding for diluted earnings per share were 87,222 thousand for the three months ended December 31, 2024[18] - The weighted average common shares outstanding for diluted calculations was 87,222,000 for the three months ended December 31, 2024[24]