Newpark Resources reports Q4 adjusted EPS 4c vs. 7c last year

Reports Q4 revenue $167.8M vs. $225.2M last year. “Throughout 2023, our team focused on the execution of our business transformation strategy, culminating in strong year-over-year organic growth in Adjusted EBITDA, margin realization, free cash flow and profitability,” stated CEO Matthew Lanigan. “We’ve advanced our business transformation by prioritizing organic share gains, price discipline and a higher margin sales mix, while driving increased productivity and operational rigor across the organization. In the year ahead, we will seek to narrow our strategic focus as we pivot to become a pure-play specialty rental and industrial solutions platform of scale, one well-equipped to support a multi-year investment cycle within the domestic energy and infrastructure markets.” CFO Gregg Piontek said, “For the full-year 2023, we delivered $74M of free cash flow, including $28M in Q4. Over the last twelve months, we reduced our net debt outstanding by $54M, ending the year with a ratio of net debt to trailing twelve-month Adjusted EBITDA of 0.5x, our lowest level in nearly a decade. We also continued to invest in organic rental fleet expansion, consistent with our strategic focus on growing our share of the domestic worksite access rental market, while returning capital to shareholders through the repurchase of 6.5 million shares, equating to a 7% reduction in our total shares outstanding..”.