Newpark Resources Q3 2022: Revenue $219.9M, net loss $0.26/sh; announces divestitures for ~$96M cash

NPK International Inc.

2022-Q3 EPS reported -$0.32 revenue$590,435,000

Q3 revenue $219.9M (+13% QoQ); net loss $24.6M ($0.26/sh) including $29.9M pre-tax impairment charges.
Adjusted net income $5.2M ($0.06/sh); Industrial Solutions revenue $51.2M (+5% QoQ), Fluids Systems revenue $168.6M (+16% QoQ).
Excalibar U.S. mineral grinding sale expected to generate ~$66M cash; Gulf of Mexico exit transactions expected to generate ~$30M cash.
Company expects to use proceeds for debt reduction, investments, and share repurchases; all transactions to close in Q4 2022.
Gulf of Mexico exit includes $29.4M impairment; Fluids Systems segment operating loss of $24.2M for Q3.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NPK International Inc. reported third quarter ended September 30, 2022 results: revenue $219.9 million, net income $24.6 million, EPS ($0.26) per share.

Period: third quarter ended September 30, 2022
Revenue: $219.9 million
Net income: $24.6 million
EPS: ($0.26) per share
Result: reported results

Exact text from the filing

Total revenues for the third quarter of 2022 were $219.9 million compared to $194.1 million for the second quarter of 2022 and $151.8 million for the third quarter of 2021. Net loss for the third quarter of 2022 was $24.6 million, or ($0.26) per share

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Source: SEC EDGAR

accession 0000071829-22-000166

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