newpark resources layoffs

Total revenues for the fourth quarter of 2022 were $225.2 million compared to $219.9 million for the third quarter of 2022 and $179.6 million for the fourth quarter of 2021. Based on an average daily volume of 669,300 shares, the days-to-cover ratio is presently 1.0 days. To participate in the call, dial 412-902-0030 and ask for the Newpark Resources call at least 10 minutes prior to the start time, or access it live over the Internet at www.newpark.com. These risk factors include, but are not limited to, risks related to the COVID-19 pandemic; the worldwide oil and natural gas industry; our customer concentration and reliance on the U.S. exploration and production market; our international operations; operating hazards present in the oil and natural gas industry and substantial liability claims, including catastrophic well incidents; our contracts that can be terminated or downsized by our customers without penalty; our product offering expansion; our ability to attract, retain and develop qualified leaders, key employees and skilled personnel; the availability of raw materials; business acquisitions and capital investments; our market competition; technological developments and intellectual property in our industry; severe weather, natural disasters, and seasonality; our cost and continued availability of borrowed funds, including noncompliance with debt covenants; environmental laws and regulations; our legal compliance; the inherent limitations of insurance coverage; income taxes; cybersecurity breaches or business system disruptions; our ability to maintain compliance with the New York Stock Exchange's continued listing requirements; and our amended and restated bylaws, which could limit our stockholders' ability to obtain what such stockholders believe to be a favorable judicial forum for disputes with us or our directors, officers or other employees. verdade. U.S. Gulf of Mexico The Company has recently entered into two separate agreements, which effectively provide for the Company's exit from the Gulf of Mexico market. "Looking ahead, we expect our pending divestitures will provide cash proceeds of approximately $80 million within the next quarter, while also simplifying our business in transition to a more agile and capital-light model capable of consistent Free Cash Flow generation. It operates through the Fluids Systems and Industrial Solutions segments. Discover . To help understand the Company's financial performance, the Company has supplemented its financial results that it provides in accordance with generally accepted accounting principles ("GAAP") with non-GAAP financial measures. Insiders that own company stock include Donald Win Young, Edward Chipman Earle, Gregg Piontek, John C Minge, Michael A Lewis and Paul L Howes. Dec 12, 2021 Newpark Resources (NR) is a company in turmoil. mesurer votre utilisation de nos sites et applications. Operating loss for the fourth quarter of 2020 includes $11.2 million of net charges, primarily related to our exit from Brazil including $11.7million of charges for the non-cash recognition of cumulative foreign currency translation losses. THE WOODLANDS, Texas, Feb. 17, 2022 /PRNewswire/ --Newpark Resources, Inc. (NYSE: NR) ("Newpark" or the "Company") today announced results for its fourth quarter ended December31, 2021. Fluids Systems operating loss for the nine months ended September 30, 2021 included $4.6 million of charges primarily related to self-insured costs associated with Hurricane Ida damage to our Fourchon, Louisiana Fluids Systems operating base, facility exit, and severance costs. And some of the more recent buyers are probably worried, too, with the stock falling 86% in the last year. Receive NR Stock News and Ratings via Email. Founded in 1932, Newpark Resources provides products, rentals, and services primarily to the oil and gas exploration and production industry. Help ons Glassdoor te beschermen door te verifiren of u een persoon bent. The company was founded in 1932 and is headquartered in The Woodlands, TX. To see all exchange delays and terms of use please see Barchart's disclaimer. Industry: Building & Personnel Services. Check out the just announced salary cuts at OXY according to WS Journal, SLB announces they are cutting 2020 budget 30%. Si continas recibiendo este mensaje, infrmanos del problema Company provides updates on Strategic Actions; Impairments drive reported net loss of ($0.26) per share;Adjusted net income $0.06 per diluted share. When is Newpark Resources' next earnings date? To help understand the Company's financial performance, the Company has supplemented its financial results that it provides in accordance with generally accepted accounting principles ("GAAP") with non-GAAP financial measures. Is There a Winner among Dollar Store Stocks? Fluids Systems operating loss for the three and nine months ended September 30, 2022 includes $29.4 million of non-cash impairment charges related to the long-lived assets and inventory associated with the exit of our Gulf of Mexico operations. Image source: The Motley Fool. Adjusted net income for the third quarter of 2022 was $5.2 million, or $0.06 per diluted share. enva un correo electrnico a Stock Exchange NYSE. The oil and gas company can be reached via phone at (281) 362-6800, via email at gpiontek@newpark.com, or via fax at 281-362-6801. It operates through the Fluids Systems and Industrial Solutions segments. Biden To Unleash "Choke Point" Operation On America? "Regarding cash flows, we generated solid cash flow in much of the business, although necessary working capital increases within the Excalibar and Gulf of Mexico business units used approximately $15 million, weighing on our operating and Free Cash Flow generation. Adjustments to reconcile net loss to net cash provided by (used in) operations: Amortization of original issue discount and debt issuance costs, Increase (decrease) in accrued liabilities and other, Net cash provided by (used in) operating activities, Business acquisitions, net of cash acquired, Proceeds from sale of property, plant and equipment, Net cash provided by (used in) financing activities, Net decrease in cash, cash equivalents, and restricted cash, Cash, cash equivalents, and restricted cash at beginning of period, Cash, cash equivalents, and restricted cash at end of period, Newpark Resources, Inc.Non-GAAP Reconciliations(Unaudited). Newpark Mats & Integrated Services is thrilled to be exhibiting at this year's #CONEXPO2023 in Las Vegas (March 14-18)! Lamentamos pelo inconveniente. He just plugs away, executing what may be the most effective investment strategy on Earth. Stay in touch with the latest activities by subscribing to our daily email covering operators, service companies, (acreage, production rates, well info, development plans, resverse, and completions designs), Newpark Cuts Workforce, Reduces Salaries; Plans Minimal 2020 Spending, More Job Cuts / Downsize / Layoff News, Exxon to Cut Corporate Workforce 5-10 Percent Annually, Marathon Trims Workforce by 100 Employees (5%), Reduces Exec Pay, Shell to Cut 700 Workers As It Shutters Louisiana Refinery, Parsley to Lay Off Austin Team as Part of Merger with Pioneer, Exxon to Cut 700 Houston-Based Employees from Workforce, Future and current Drilling Plans in , as of 03-18-2023, Intent To Drill/Drilling Permits for , as of 03-18-2023, Latest News on the US, Canada and International plays, Tracking Activity on more than 4,000 companies (E&P, Midstream & Oilfield Services), Active Rigs By Company and County (Updated Weekly), 2015 & 2014 Company Detailed Drilling Budgets, Company & Play Break-Even, Type Curves and Well Economics, The initiation of additional actions to further. Disculpa The Fluids Systems segment generated revenues of $168.6 million for the third quarter of 2022 compared to $145.3 million for the second quarter of 2022 and $108.0 million for the third quarter of 2021. Management is great, fellow employees are knowledgeable and very easy to get along with. Newpark Resources, Inc. provides integrated environmental and drilling fluid services to oil and gas drillers, including fluid processing and recycling on site at rigs. Newpark has scheduled a conference call to discuss third quarter of 2022 results and its near-term operational outlook, which will be broadcast live over the Internet, on Wednesday, November 2, 2022 at 9:30 a.m. Eastern Time / 8:30 a.m. Central Time. We'd recommend focussing any further research on the likelihood of profitability in the foreseeable future, given the muted revenue. NP has nothing but uneducated hypocritical buffoons running the company. Newpark Resources trades on the New York Stock Exchange (NYSE) under the ticker symbol "NR.". Minimum 15 minutes delayed. Bradley Radoff, a private investor who previously worked as a portfolio manager at Daniel Loeb's Third Point hedge fund, has approached Newpark's board and is pushing for the split. Nothing out of nr so far announced, A roll of toilet paper is worth more than a share of Newpark, Ring it up $0.97 Cents market cap now less than $100 M. And 2 of the quote "biggies" (Blackrock and Vanguard) own apprx 27% of the common. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. For more information, visit our website at www.newpark.com. This rating has improved by 7% over the last 12 months. scusiamo se questo pu causarti degli inconvenienti. Popular online brokerages with access to the U.S. stock market include WeBull, Vanguard Brokerage Services, TD Ameritrade, E*TRADE, Robinhood, Fidelity, and Charles Schwab. The Industrial Solutions segment operating margin declined modestly to 16% in the fourth quarter, impacted by the anticipated headwind from elevated raw materials costs and the lack of industrial blending production volume, as well as the elevated expenses associated with the sales tax audit and insurance reserves.". The Industrial Solutions segments includes site and access solutions business along with industrial bending operations. What other stocks do shareholders of Newpark Resources own? This website may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Click here to Upgrade And Get Immediate Access. We don't wish catastrophic capital loss on anyone. to let us know you're having trouble. Net loss for the third quarter of 2021 was $10.5 million, or ($0.11) per share, which included $4.3 million of pre-tax charges ($4.3 million after-tax, $0.05 per share). Se continui a visualizzare Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Looking forward, we expect revenues from U.S. land E&P markets will decline in the near term, driven by the anticipated reductions in E&P drilling and completion activity. Lorsque vous utilisez nos sites et applications, nous utilisons des, authentifier les utilisateurs, appliquer des mesures de scurit, empcher les spams et les abus; et. Adjustments to reconcile net loss to net cash provided by (used in) operations: Amortization of original issue discount and debt issuance costs, Increase in accrued liabilities and other, Net cash provided by (used in) operating activities, Proceeds from sale of property, plant and equipment, Net cash provided by financing activities, Net increase (decrease) in cash, cash equivalents, and restricted cash, Cash, cash equivalents, and restricted cash at beginning of period, Cash, cash equivalents, and restricted cash at end of period, Newpark Resources, Inc.Non-GAAP Reconciliations(Unaudited). Data Provided by Refinitiv. The company's stock price closed at $2.72 on Monday. real person. We believe these non-GAAP financial measures are frequently used by investors, securities analysts and other parties in the evaluation of our performance and liquidity with that of other companies in our industry. That's far from impressive given all the money it is losing. excuses voor het ongemak. The company provides integrated environmental and drilling fluid and engineering services to oil and gas drillers. Newpark and its affiliates do not discriminate against applicants or employees on the basis of race, color, age, religion, sex (including pregnancy and gender identity), national origin, sexual . Rocket Lab Stock Could Go to the Moon, Patience Required, President, Chief Executive Officer Director, Chief Financial Officer & Senior Vice President, Secretary, Chief Administrative Officer & VP, VP & President-Newpark Industrial Solutions. The Fluids Systems operating loss for the third quarter of 2022 includes $29.4 million of non-cash impairment charges related to the long-lived assets and inventory associated with the exit of Gulf of Mexico operations. Senior Vice President andChief Financial Officer, Condensed Consolidated Statements of Operations, Selling, general and administrative expenses, Weighted average common shares outstanding -basic, Dilutive effect of stock options and restricted stock awards, Weighted average common shares outstanding - diluted. Wir entschuldigen uns fr die Umstnde. Newpark Resources, Inc. has reported an update on actions taken in response to the ongoing market volatility. Mineral Grinding Business As previously announced, the Company entered into a definitive agreement in October 2022 to sell substantially all of the long-lived assets, inventory and operations of its Excalibar U.S. mineral grinding business ("Excalibar"). this can allow for the creation of focused businesses that yield significant long-term benefits for Newpark's shareholders, employees . Only 5.80% of the stock of Newpark Resources is held by insiders. Newpark Resources's Profile, Revenue and Employees. Upon the completion of the sale, and the monetization of certain retained assets, the Company expects to generate approximately $66 million of cash. Conroe, Texas Blending Facility Following the first quarter 2022 shut down of the Industrial Blending business, the Company entered a non-binding letter of intent in September 2022 to sell the blending and warehouse facility and related equipment located in Conroe, Texas. These forward-looking statements reflect the current views of the management of Newpark Resources, Inc.; however, various risks, uncertainties and contingencies could cause actual operating results to differ materially from those in the forward-looking statements. We assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities laws. What happened at Credit Suisse and how did it reach crisis point? But to understand Newpark Resources better, we need to consider many other factors. Get a real-time Newpark Resources, Inc. (NR) stock price quote with breaking news, financials, statistics, charts and more. In the last half decade, Newpark Resources saw its revenue increase by 1.1% per year. Financial Performance. In addition, our incentive compensation plan measures performance based on our consolidated EBITDA, along with other factors. Newpark Resources, Inc. is a worldwide provider of value-added drilling fluids systems and composite matting systems used in oilfield and other commercial markets. ET. 2d. These measures should be considered in addition to, not as a substitute for, financial measures prepared in accordance with GAAP. The Excalibar business is reported within the Fluids Systems segment. Newpark Resources also supplies prefab work platforms and provides DuraBase brand composite mats used to . We have been extremely pleased with our progress in penetrating the Energy Infrastructure market, and as we look beyond the immediate COVID-19 impact on industrial power demand, we expect activity will remain robust, particularly in the utility transmission and distribution sector," added Howes. Actions include: The implementation of workforce reductions, the suspension of the Company's matching contributions to its U.S. defined contribution plan, and temporary salary reductions effective April 1, 2020 for a significant portion of U.S. employees, including a 15% cut to the . Company Description: Newpark Resources, Inc. is a geographically diversified supplier providing environmentally-sensitive products, as well as rentals and services to customers across multiple industries. Top institutional shareholders include Dimensional Fund Advisors LP (4.70%), Cannell Capital LLC (3.51%), Morgan Stanley (1.75%), Geode Capital Management LLC (1.65%), Bank of Montreal Can (1.16%) and Millennium Management LLC (0.93%). Here at Newpark, we are committed to finding, developing, retaining, and rewarding the best talent while providing an environment where our employees can grow professionally and personally. Newpark Resources, Inc. is a geographically diversified supplier providing products, as well as rentals and services to a variety of industries, including oil and gas exploration, electrical . The Fluids Systems segment generated revenues of $127.9 million for the fourth quarter of 2021 compared to $108.0 million for the third quarter of 2021 and $79.4 million for the fourth quarter of 2020. Newpark Resources, Inc. (NYSE:NR) Q4 2022 Earnings Call Transcript. Get short term trading ideas from the MarketBeat Idea Engine. Specifically, they have bought $40,300.00 in company stock and sold $0.00 in company stock. MINERAL GRINDING BUSINESS, Newpark Resources: Still Holding, But Losing Patience, NEWPARK RESOURCES ANNOUNCES THIRD QUARTER 2022 EARNINGS RELEASE AND CONFERENCE CALL SCHEDULE, Bradley Radoff Just Bought 18% More Shares In Newpark Resources, Inc. (NYSE:NR), Bradley Radoff of Newpark Resources, Inc. (NYSE:NR) Just Spent US$1.4m On Shares, Newpark Resources (NYSE:NR) shareholders have endured a 66% loss from investing in the stock five years ago, 9320 LAKESIDE BOULEVARD SUITE 100, THE WOODLANDS TX, 77381. Revenue: $500 million to $1 billion (USD) Competitors: Kinder Morgan, Dril-Quip, NOV. Newpark Employee Directory. per informarci del problema. Newpark Resources' stock was trading at $4.15 at the beginning of the year. Industrial Blending operating loss for the three months ended June 30, 2022 and the nine months ended September 30, 2022 included a $7.9 million non-cash charge for the impairment of the long-lived assets as well as exit and other costs related to the ongoing process to sell these assets. NR earnings call for the period ending September 30, 2021. The company also said it values shareholder input and hopes "to have continued constructive dialogue with (Bradley Radoff).. Benefits. Average salary for Newpark Resources Indirect Tax Manager in Bay City, TX: [salary]. newpark inc. newpark llc. As a result of the revenue improvement and ongoing cost reduction efforts, the Fluids Systems segment returned to positive operating income, despite incurring the restructuring charges. For the first nine months of 2022, the Gulf of Mexico operations generated revenues of $19 million and an operating loss of $39 million, including the $29 million impairment. Online Privacy and Cookies Statement . Corporate office expenses were also elevated in the fourth quarter, primarily reflecting higher long-term incentive expense driven by the Company's share price performance relative to our peer group, as well as increased legal and professional expenses, primarily attributable to M&A activity and the restructuring of certain subsidiary legal entities within Europe. View the job description, responsibilities and qualifications for this position. "The Company's own disclosures and investor presentations highlight that the Industrial Solutions segment is a high-margin business on a growth trajectory, while the Fluid Systems segment is an unprofitable business operating at the opposite end of the energy transition spectrum," Radoff wrote to the board. The Company expects its first quarter 2020 results to fall somewhat below the guidance provided on its fourth quarter earnings conference call. Real-time analyst ratings, insider transactions, earnings data, and more. questo messaggio, invia un'email all'indirizzo Newpark Resources, Inc. engages in the provision of products, rentals and services to the oil and gas exploration and production industry. The methods we use to produce these non-GAAP financial measures may differ from methods used by other companies. Q-3 for Newpark. Let's start up with the current stock price of Newpark Resources Inc. (NR), which is $3.99 to be very precise. Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools: You have already added five stocks to your watchlist. Minimum 15 minutes delayed. Ticker Symbol NR. Bitte helfen Sie uns, Glassdoor zu schtzen, indem Sie besttigen, dass Sie Dollar General Offers Great Prices, but the Stock isn't a Value, Jabil Inc.: Blue Chip Tech Stock Pulls Back To Buy Zone, The Big Banks Join Forces to Save First Republic Bank, Don't Miss Out: $2 Trillion Could be Headed to the Banking Sector, Buy THIS stock before Taiwan is attacked, Newpark Resources (NYSE:NR) Now Covered by Analysts at StockNews.com, Newpark Resources Full Year 2022 Earnings: US$0.23 loss per share (vs US$0.28 loss in FY 2021), Newpark Resources, Inc. (NYSE:NR) Q4 2022 Earnings Call Transcript, Q4 2022 Newpark Resources Inc Earnings Call, Newpark Resources Non-GAAP EPS of $0.07, revenue of $225M, NEWPARK RESOURCES REPORTS FOURTH QUARTER 2022 RESULTS, Newpark Resources: A Splash Of Cash And A Potential Catalyst, NEWPARK RESOURCES ANNOUNCES FOURTH QUARTER 2022 EARNINGS RELEASE AND CONFERENCE CALL SCHEDULE, NEWPARK RESOURCES ANNOUNCES COMPLETION OF GULF OF MEXICO TRANSACTIONS, NEWPARK RESOURCES ANNOUNCES RETIREMENT OF BOARD CHAIRMAN, NEWPARK RESOURCES ANNOUNCES CLOSING OF U.S. We'd be pretty cautious about this one, although the sell-off may be too severe. . Health insurance; Dental insurance; 401(k) Paid time off; Vision insurance; Employee discount; Professional development assistance . Terms of Use Words such as "will," "may," "could," "would," "should," "anticipates," "believes," "estimates," "expects," "plans," "intends," and similar expressions are intended to identify these forward-looking statements but are not the exclusive means of identifying them. How much money does Newpark Resources make? Revenue-driven growth in receivables, primarily from our Fluids business, also served to limit cash flow generation in the quarter, though I'm pleased to note that our receivable DSO's have improved for the third consecutive quarter, currently standing 11 days below the start of the year. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. In 2022, NR's revenue was $815.59 million, an increase of 32.66% compared to the previous year's $614.78 million . Typical corporate BS. As previously disclosed, the Company initiated several strategic actions earlier this year, intended to enhance profitability and returns on invested capital. Newpark Resources Inc - Newpark Resources, Inc. 9320 Lakeside Blvd., Suite 100, The Woodlands, Texas 77381 (281) 362-6800 FAX (281) 362-6801 - CORRESP - February 03, 2023 Fintel LOGIN Want to see the details? The company supplies prefabricated work sites and temporary access roads made of . Newpark Fluids Systems is the world's leading pure-play oil & gas and geothermal fluid solutions provider. Nous, Yahoo, faisons partie de la famille de marques Yahoo. How do I buy shares of Newpark Resources? This website may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect the current views of the management of Newpark Resources, Inc.; however, various risks, uncertainties and contingencies could cause actual operating results to differ materially from those in the forward-looking statements. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. However, it could simply be that the share price has been impacted by broader market jitters. Sign-up to receive the latest news and ratings for Newpark Resources and its competitors with MarketBeat's FREE daily newsletter. Newpark Resources, Inc. (NYSE:NR) released its quarterly earnings data on Tuesday, August, 3rd. Employees. Revenue: $500 million to $1 billion (USD) Competitors: Kinder Morgan, Dril-Quip, NOV. Newpark Resources, Inc. is a geographically diversified supplier providing environmentally-sensitive products, as well as rentals and services to a variety of industries, including oil and gas exploration, electrical transmission & distribution, pipeline, renewable energy, petrochemical, construction, and other industries. 22 employees have rated Newpark Resources Chief Executive Officer Paul L. Howes on Glassdoor.com. Went to less than 450 rigs in 2016 . We assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities laws. Sitemap. Prepaid expenses and other current assets, Common stock, $0.01 par value (200,000,000 shares authorized and 111,357,108 and109,330,733 shares issued, respectively), Treasury stock, at cost (17,310,231 and 16,981,147 shares, respectively), Total liabilities and stockholders' equity, Condensed Consolidated Statements of Cash Flows. 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