Q2 2024 Newpark Resources Inc Earnings Call Transcript
Key Points
- Sequential 6% improvement in revenues and a 10% improvement in adjusted EBITDA.
- Record $30 million in product sales from the industrial solutions business.
- Strong performance in the industrial solutions segment with a 36% quarter-over-quarter and 39% year-over-year revenue improvement.
- Generated $22 million in free cash flow, reducing net leverage to 0.3 times adjusted EBITDA.
- Continued investment in the growth of the matting fleet, particularly in the UK, to capitalize on infrastructure project activity.
- Project delays due to permitting issues impacting rental revenues.
- Service revenues pulled back due to rental project mix and delays.
- Fluids systems segment faced a 37% sequential revenue decrease in Canada due to seasonality.
- US operations in the fluids segment saw a 46% year-over-year revenue decline due to market softness and lower market share.
- SG&A expenses increased due to costs related to the fluid sale and elevated credit loss charges in the international fluid systems business.
Good morning. My name is Jim, and I will be your conference operator today. At this time, I would like to welcome everyone to the Newpark Resources second-quarter 2024 earnings conference call.
Today's call is being recorded and will be available for replay beginning at 12:30 PM Eastern. The recording can be accessed by dialing 888-219-1263, domestic; or 402-220-4943, international.
(Operator Instructions)
It is now my pleasure to turn the floor over to Gregg Piontek, Chief Financial Officer of Newpark Resources. Please, go ahead, sir.
Thank you, operator. I'd like to welcome everyone to the Newpark Resources' second-quarter 2024 conference call. Joining me today is Matthew Lanigan, our President and Chief Executive Officer.
Before handing over to Matthew, I'd like to highlight that today's discussion contains forward-looking statements regarding future business and financial expectations. Actual results may differ significantly from
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