Newpark Resources reported a strong finish to 2022 with revenues of $225.2 million for Q4 2022, compared to $179.6 million for Q4 2021. Net income for the fourth quarter of 2022 was $9.0 million, or $0.10 per diluted share. Adjusted Net Income for the fourth quarter of 2022 grew 27% sequentially to $0.07 per diluted share and Adjusted EBITDA improved 9% sequentially to $21.5 million.
Successful closure of key strategic divestitures and solid operating performances across ongoing business segments.
Returned significant value to shareholders through the repurchase of nearly 5% of outstanding shares.
Industrial Solutions experienced robust demand from the utilities sector, contributing to a 12% sequential growth in revenues.
U.S. land business within Fluids Systems delivered solid improvement, with revenues improving $8 million sequentially, excluding divested Excalibar business.
The company expects to deliver solid Free Cash Flow, as they focus on executing their disciplined growth strategy, including the acceleration of their growth in the utilities sector, while also continuing to return excess cash generation to shareholders through additional share repurchases.
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