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Jun 30, 2020
Newpark Resources Q2 2020 Earnings Report
Reported a net loss, impacted by COVID-19 and market challenges, but generated positive free cash flow and reduced debt.
Key Takeaways
Newpark Resources reported a net loss of $26.2 million for Q2 2020, impacted by COVID-19 and the oil and gas market collapse. However, the company generated $21 million in free cash flow and reduced debt by $27 million through cost structure adjustments and working capital management.
Total revenues for Q2 2020 were $101.9 million, a decrease compared to Q1 2020 ($164.6 million) and Q2 2019 ($216.4 million).
Net loss for Q2 2020 was $26.2 million, or ($0.29) per share, compared to a net loss of $12.1 million in Q1 2020 and net income of $4.3 million in Q2 2019.
Generated $21 million of free cash flow and reduced total debt balance by $27 million in Q2 2020.
Fluids Systems segment revenues were $75 million, reflecting a 44% sequential decline, while Mats & Integrated Services saw a $6 million sequential decline in rental and service revenues.
Forward Guidance
Newpark remains committed to driving positive free cash flow generation and reducing debt, while positioning the company to emerge as a leaner organization.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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