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    NEWPARK RESOURCES REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS

    2/21/24 4:15:00 PM ET
    $NR
    Metal Fabrications
    Industrials
    Get the next $NR alert in real time by email

    THE WOODLANDS, Texas, Feb. 21, 2024 /PRNewswire/ -- Newpark Resources, Inc. (NYSE:NR) ("Newpark" or the "Company") today announced results for the three and twelve months ended December 31, 2023. 

    Newpark Resources, Inc. (PRNewsfoto/Newpark Resources, Inc.)

    FOURTH QUARTER 2023 RESULTS

    (all comparisons versus the prior year period unless otherwise noted) 

    • Industrial Solutions segment revenue of $46.5 million, -19%
    • Fluids Systems segment revenue of $121.4 million, -28%
    • Net Loss of $0.5 million, or $0.01 per share
    • Adjusted Net Income of $3.8 million, -43%; $0.04 per diluted share, -38%
    • Adjusted EBITDA of $16.2 million, -25%
    • Adjusted EBITDA margin of 9.7%, +12 basis points
    • Total Debt of $75 million, Net Debt of $36 million and Net Leverage of 0.5x as of December 31, 2023
    • Net cash provided by operating activities of $36.2 million and Free Cash Flow of $27.8 million, +$35 million
    • Repurchased $6 million of common equity; announces new $50 million share repurchase authorization

    FULL YEAR 2023 RESULTS

    (all comparisons versus the prior year period unless otherwise noted) 

    • Industrial Solutions segment revenue of $207.6 million, +8%
    • Fluids Systems segment revenue of $542.0 million, -13%
    • Net Income of $14.5 million, or $0.16 per diluted share
    • Adjusted Net Income of $27.8 million, +120%; $0.31 per diluted share, +135%
    • Adjusted EBITDA of $80.1 million, +21%
    • Adjusted EBITDA margin of 10.7%, +258 basis points
    • Net cash provided by operating activities of $100.0 million and Free Cash Flow of $74.5 million, +$125 million
    • Repurchased $32 million of common equity

     



    Fourth Quarter







    (In millions)

    2023



    2022



    Change



    Revenues

    $             167.8



    $             225.2



    $              (57.4)



    Operating income

    $                 4.4



    $               17.5



    $              (13.1)



    Net cash provided by operating activities

    $               36.2



    $                 3.1



    $               33.1



    Free Cash Flow

    $               27.8



    $                (6.8)



    $               34.6



    Fluids Systems Segment













    Revenues

    $             121.4



    $             167.7



    $              (46.3)



    Operating income (loss)

    $                (1.1)



    $                 4.8



    $                (5.9)



    Adjusted EBITDA

    $                 4.7



    $                 7.4



    $                (2.7)



    Operating margin (%)

    (0.9) %



    2.9 %



    -380

    bps

    Adjusted EBITDA margin (%)

    3.9 %



    4.4 %



    -50

    bps

    Industrial Solutions Segment













    Revenues

    $               46.5



    $               57.5



    $              (11.0)



    Operating income

    $               11.4



    $               17.8



    $                (6.4)



    Adjusted EBITDA

    $               16.8



    $               23.3



    $                (6.5)



    Operating margin (%)

    24.6 %



    30.9 %



    -630

    bps

    Adjusted EBITDA margin (%)

    36.1 %



    40.5 %



    -440

    bps





    Full Year







    (In millions)

    2023



    2022



    Change



    Revenues

    $             749.6



    $             815.6



    $              (66.0)



    Operating income (loss)

    $               33.6



    $                (9.0)



    $               42.6



    Net cash provided by (used in) operating activities

    $             100.0



    $              (25.0)



    $             125.0



    Free Cash Flow

    $               74.5



    $              (50.1)



    $             124.6



    Fluids Systems Segment













    Revenues

    $             542.0



    $             622.6



    $              (80.6)



    Operating income (loss)

    $               11.9



    $              (15.6)



    $               27.5



    Adjusted EBITDA

    $               32.4



    $               28.2



    $                 4.2



    Operating margin (%)

    2.2 %



    (2.5) %



    470

    bps

    Adjusted EBITDA margin (%)

    6.0 %



    4.5 %



    150

    bps

    Industrial Solutions Segment













    Revenues

    $             207.6



    $             193.0



    $               14.6



    Operating income

    $               53.0



    $               43.9



    $                 9.1



    Adjusted EBITDA

    $               74.4



    $               65.8



    $                 8.6



    Operating margin (%)

    25.5 %



    22.7 %



    280

    bps

    Adjusted EBITDA margin (%)

    35.8 %



    34.1 %



    170

    bps

     

    MANAGEMENT COMMENTARY

    "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 Matthew Lanigan, President and CEO of Newpark. "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."

    "Our Industrial Solutions segment delivered solid results in 2023, a performance highlighted by significant margin expansion and an improved return on net assets," continued Lanigan. "Segment revenue and Adjusted EBITDA for 2023 increased 8% and 13% year-over-year, respectively, while segment Adjusted EBITDA margin improved by 170 basis points to 35.8%, reflecting robust growth in rental volume and improved operating leverage."

    "Our fourth quarter results reflect a normalization in Industrial Solutions rental and service, when compared to our prior fourth quarter performance," continued Lanigan. "In the fourth quarter of 2022, we benefited from major, non-recurring weather events that contributed to elevated matting demand, rental price and fleet utilization. Further, while the outlook for matting demand remains strong, supported by a significant volume of planned long-duration projects, the start-up of several customer projects initially scheduled to commence in the fourth quarter shifted into 2024."

    "Within Fluids Systems, we made substantial progress strengthening the global position and financial performance of our industry-leading business during 2023," stated Lanigan. "Continued strength within our international operations, together with the benefit from prior year divestitures contributed to a 15% year-over-year improvement in Adjusted EBITDA and a $69 million reduction in segment net working capital for 2023, resulting in the segment's strongest return on net assets since 2018."

    "Newpark remains committed to a balanced capital allocation strategy that seeks to drive long-term shareholder value creation," stated Gregg Piontek, Chief Financial Officer. "For the full-year 2023, we delivered $74 million of free cash flow, including $28 million in the fourth quarter. Over the last twelve months, we reduced our net debt outstanding by $54 million, 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. With continued confidence in the long-term outlook for Newpark, in February 2024, our Board of Directors approved a new $50 million share repurchase authorization, replacing the prior authorization."   

    "The strategic review of our Fluids Systems business is proceeding according to plan, and we continue to anticipate the process will substantially conclude in mid-2024," stated Lanigan. "Given the scope of our international Fluids operations, diligence is time intensive; however, we're making good progress with our partners at Lazard to move the process forward."

    "Today, we are introducing Industrial Solutions segment sales and Adjusted EBITDA guidance for the full-year 2024," stated Lanigan. "We currently anticipate full-year 2024 segment revenue in a range of $230 million to $240 million, together with Adjusted EBITDA in a range of $80 to $85 million. While our customers continue to navigate their various permitting and supply chain dependencies, we remain encouraged by the level of infrastructure investment forecasted within the utility and other industries served, supporting our robust growth expectation in 2024."

    BUSINESS UPDATE

    Newpark is engaged in a multi-year business transformation plan designed to drive organic commercial growth within targeted, higher-margin product and rental markets; improve asset optimization and organizational efficiency; and pursue a capital allocation strategy that prioritizes investments in opportunities with superior return profiles, together with a programmatic return of capital program.

    During the full-year 2023, Newpark continued to deliver on its business transformation plan, highlighted by the following (all comparisons versus the prior year period unless otherwise noted):

    • Strong commercial growth in core Industrial Solutions segment. Industrial Solutions revenue from specialty rental and services increased 12% on an organic basis for the full year 2023, driven by continued market share gains and sustained price discipline. For the full year 2023, revenues from product sales declined modestly year-over-year, reflecting stable demand from various infrastructure sectors, including utilities.
    • Delivered significant, balanced margin expansion across reporting segments. Consolidated gross margin increased 360 basis points year-over-year to 18.5%, benefitting from Fluids Systems divestitures and higher contribution from Industrial Solutions. Adjusted EBITDA margin improved 260 basis points to 10.7% in 2023. Both reporting segments delivered significant margin expansion in 2023 compared to the prior year, with Industrial Solutions segment Adjusted EBITDA margin increasing 170 basis points to 35.8%, and Fluids Systems segment Adjusted EBITDA margin increasing 150 basis points to 6.0%. Margin expansion was attributable to a combination of improved asset optimization and operating expense leverage in Industrial Solutions, along with the positive impacts of Fluids Systems divestitures and restructuring actions.
    • Fluids Systems segment momentum continues, led by international operations. Newpark's Eastern Hemisphere revenue increased 28% to $257 million, while Canada increased 12% to $68 million in 2023. Fourth quarter revenues from these international operations increased 29% year-over-year to $84 million, contributing 69% of Fluids Systems revenue in the quarter.
    • Disciplined management of invested capital. In the fourth quarter, Fluids Systems net working capital was reduced by $25 million, bringing the full year reduction to $69 million and ending 2023 with $171 million of total Fluids Systems net working capital.
    • Prudent balance sheet management highlighted by reduction in net leverage. Over the twelve months ending December 31, 2023, total debt outstanding declined $39 million, supporting a reduction in Net Leverage to 0.5x at the end of the fourth quarter 2023.
    • Active return of capital program. $6 million was used to repurchase 0.9 million shares of common equity during the fourth quarter 2023, bringing full-year 2023 repurchases to 6.5 million shares, or $32 million, under our programmatic share repurchase program. As of December 31, 2023, $18.1 million remained under the current repurchase authorization. In February 2024, the Board of Directors replaced the existing program with a new repurchase program for repurchases of common stock up to $50.0 million.

    FINANCIAL PERFORMANCE

    In the fourth quarter 2023, Newpark incurred a net loss of $0.5 million, or $(0.01) per share, on total revenue of $167.8 million, compared to net income of $9.0 million, or $0.10 per diluted share, on total revenue of $225.2 million, in the prior year period. The Company reported fourth quarter Adjusted Net Income of $3.8 million, or $0.04 per diluted share, compared to Adjusted Net Income of $6.6 million, or $0.07 per diluted share, in the prior year period. Newpark reported Adjusted EBITDA of $16.2 million in the fourth quarter 2023, or 9.7% of total revenue, compared to $21.5 million, or 9.5% of total revenue, in the fourth quarter 2022.

    The Industrial Solutions segment generated revenues of $46.5 million in the fourth quarter 2023, compared to $57.5 million in the prior year period. Segment operating income was $11.4 million in the fourth quarter, compared to $17.8 million in the prior year period. 

    The Fluids Systems segment generated revenues of $121.4 million in the fourth quarter 2023, compared to $167.7 million in the prior year period. Segment operating loss was $1.1 million in the fourth quarter, compared to operating income of $4.8 million in the prior year period. The fourth quarter 2023 Fluids Systems operating income includes $3.5 million of non-cash impairment charges associated with the exit of certain operations, as well as $0.3 million in transaction expenses related to the ongoing Fluids Systems segment sale process. The fourth quarter 2022 Fluids Systems operating results included a $1.0 million pre-tax gain related to a divestiture, as well as $1.2 million in charges primarily related to facility exit and severance costs.

    Corporate office expenses were $5.9 million in the fourth quarter 2023, compared to $7.4 million in the prior year period. The fourth quarter 2023 corporate office expenses include $0.6 million of expenses associated with the Fluids Systems sale process and benefitted from lower short-term and long-term performance-based incentives.

    BALANCE SHEET AND LIQUIDITY

    As of December 31, 2023, Newpark had total cash of $39 million and available liquidity under its ABL credit facility of $60 million. At the end of the fourth quarter, the Company had total Net Debt outstanding of $36 million, or 0.5x its trailing twelve-month Adjusted EBITDA as of December 31, 2023. 

    Newpark generated $36 million of operating cash flow in the fourth quarter 2023, including $23 million associated with a reduction in net working capital. Capital investments used $8 million, net, primarily funding the expansion of the rental fleet to support organic growth efforts in Industrial Solutions. The Company also used $13 million of cash to reduce debt and $6 million to fund share repurchases.

    FINANCIAL GUIDANCE

    The following forward-looking guidance reflects the Company's current expectations and beliefs as of February 21, 2024 and is subject to change. The following statements apply only as of the date of this disclosure and are expressly qualified in their entirety by the cautionary statements included elsewhere in this document.

    For the full year 2024, Newpark currently anticipates the following:

    • Industrial Solutions segment revenue in a range of $230 million to $240 million and segment Adjusted EBITDA in a range of $80 million to $85 million
    • Total Industrial Solutions capital expenditures in a range of $30 million to $35 million

    FOURTH QUARTER 2023 RESULTS CONFERENCE CALL

    A conference call will be held Thursday, February 22, 2024 at 9:30 a.m. ET to review the Company's financial results and conduct a question-and-answer session.

    A webcast of the conference call will be available in the Investor Relations section of the Company's website at www.newpark.com. Individuals can also participate by teleconference dial-in. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

    To participate in the live teleconference:

    Domestic Live:

    800-245-3047

    International Live:

    203-518-9765

    Conference ID:

    NRQ423

    To listen to a replay of the teleconference, which subsequently will be available through February 29, 2024:

    Domestic Replay:

    888-925-9394

    International Replay:

    402-220-5386

    ABOUT NEWPARK RESOURCES

    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. For more information, visit our website at www.newpark.com.

    FORWARD-LOOKING STATEMENTS

    This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical facts are forward-looking statements. 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. These statements are not guarantees that our expectations will prove to be correct and involve a number of risks, uncertainties, and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by Newpark, particularly its Annual Report on Form 10-K, and its Quarterly Reports on Form 10-Q, as well as others, could cause actual plans or results to differ materially from those expressed in, or implied by, these statements. These risk factors include, but are not limited to, risks related to our exploration of strategic alternatives for the long-term positioning of our Fluids Systems division; divestitures; the worldwide oil and natural gas industry; our ability to generate internal growth; economic and market conditions that may impact our customers' future spending; our customer concentration and reliance on the U.S. exploration and production market; our international operations; the ongoing conflicts in Europe and the Middle East; operating hazards present in the oil and natural gas and utilities industries and substantial liability claims, including catastrophic well incidents; our contracts that can be terminated or downsized by our customers without penalty; our product offering and market expansion; our ability to attract, retain, and develop qualified leaders, key employees, and skilled personnel; expanding our services in the utilities sector, which may require unionized labor; the price and availability of raw materials; inflation; capital investments and business acquisitions; market competition; technological developments and intellectual property; severe weather, natural disasters, and seasonality; public health crises, epidemics, and pandemics; our cost and continued availability of borrowed funds, including noncompliance with debt covenants; environmental laws and regulations; legal compliance; the inherent limitations of insurance coverage; income taxes; cybersecurity incidents or business system disruptions; activist stockholders that may attempt to effect changes at our Company or acquire control over our Company; share repurchases; 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. 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. Newpark's filings with the Securities and Exchange Commission can be obtained at no charge at www.sec.gov, as well as through our website at www.newpark.com.

     

    Newpark Resources, Inc.

    Condensed Consolidated Statements of Operations

    (Unaudited)





    Three Months Ended



    Twelve Months Ended

    (In thousands, except per share data)

    December

    31,


    2023



    September

    30,


    2023



    December

    31,


    2022



    December

    31,


    2023



    December

    31,


    2022

    Revenues

    $       167,816



    $       198,498



    $       225,159



    $       749,600



    $       815,594

    Cost of revenues

    137,020



    159,133



    186,980



    611,061



    694,058

    Selling, general and administrative expenses

    23,329



    26,821



    24,648



    101,136



    97,618

    Other operating (income) loss, net

    (435)



    (703)



    (3,995)



    (2,583)



    (4,370)

    Impairments and other charges

    3,540



    —



    —



    6,356



    37,322

    Operating income (loss)

    4,362



    13,247



    17,526



    33,630



    (9,034)





















    Foreign currency exchange (gain) loss

    495



    (445)



    2,332



    267



    389

    Interest expense, net

    1,919



    2,027



    2,321



    8,181



    7,040

    Income (loss) before income taxes

    1,948



    11,665



    12,873



    25,182



    (16,463)





















    Provision for income taxes

    2,424



    3,995



    3,881



    10,666



    4,371

    Net income (loss)

    $            (476)



    $           7,670



    $           8,992



    $         14,516



    $       (20,834)





















    Calculation of EPS:



















    Net income (loss) - basic and diluted

    $            (476)



    $           7,670



    $           8,992



    $         14,516



    $       (20,834)





















    Weighted average common shares outstanding - basic

    85,003



    86,310



    92,324



    86,401



    92,712

    Dilutive effect of stock options and restricted stock awards

    —



    1,724



    1,156



    1,914



    —

    Weighted average common shares outstanding - diluted

    85,003



    88,034



    93,480



    88,315



    92,712





















    Net income (loss) per common share - basic:

    $           (0.01)



    $             0.09



    $             0.10



    $             0.17



    $           (0.22)

    Net income (loss) per common share - diluted:

    $           (0.01)



    $             0.09



    $             0.10



    $             0.16



    $           (0.22)

     

    Newpark Resources, Inc.

    Operating Segment Results

    (Unaudited)





    Three Months Ended



    Twelve Months Ended

    (In thousands)

    December

    31,


    2023



    September

    30,


    2023



    December

    31,


    2022



    December

    31,


    2023



    December

    31,


    2022

    Revenues



















    Fluids Systems

    $     121,361



    $     141,236



    $     167,705



    $     541,952



    $     622,601

    Industrial Solutions

    46,455



    57,262



    57,454



    207,648



    192,993

    Industrial Blending

    —



    —



    —



    —



    —

    Total revenues

    $     167,816



    $     198,498



    $     225,159



    $     749,600



    $     815,594





















    Operating income (loss)



















    Fluids Systems

    $      (1,147)



    $          7,573



    $          4,828



    $        11,857



    $    (15,566)

    Industrial Solutions

    11,415



    14,336



    17,751



    53,008



    43,899

    Industrial Blending

    —



    —



    2,322



    —



    (8,002)

    Corporate office

    (5,906)



    (8,662)



    (7,375)



    (31,235)



    (29,365)

    Total operating income (loss)

    $          4,362



    $        13,247



    $        17,526



    $        33,630



    $      (9,034)





















    Segment operating margin



















    Fluids Systems

    (0.9) %



    5.4 %



    2.9 %



    2.2 %



    (2.5) %

    Industrial Solutions

    24.6 %



    25.0 %



    30.9 %



    25.5 %



    22.7 %

     

    Summarized operating results (including charges in the Fluids Systems non-GAAP reconciliation table) of our now exited Excalibar business and Gulf of Mexico operations, both included in the Fluids Systems segment historical results, are shown in the following tables:



    Three Months Ended



    Twelve Months Ended

    (In thousands)

    December

    31,


    2023



    September

    30,


    2023



    December

    31,


    2022



    December

    31,


    2023



    December

    31,


    2022

    Revenues



















    Excalibar

    $                 —



    $                 —



    $         11,922



    $                 —



    $         55,990

    Gulf of Mexico

    —



    —



    8,011



    —



    26,708

    Total revenues

    $                 —



    $                 —



    $         19,933



    $                 —



    $         82,698





















    Operating income (loss)



















    Excalibar

    $                 —



    $                 —



    $           1,127



    $                 —



    $           3,665

    Gulf of Mexico

    —



    (358)



    (4,023)



    (4,776)



    (43,215)

    Total operating income (loss)

    $                 —



    $            (358)



    $         (2,896)



    $         (4,776)



    $       (39,550)

     

    Newpark Resources, Inc.

    Condensed Consolidated Balance Sheets

    (Unaudited)



    (In thousands, except share data)

    December 31,

    2023



    December 31,

    2022

    ASSETS







    Cash and cash equivalents

    $             38,594



    $             23,182

    Receivables, net

    168,457



    242,247

    Inventories

    141,079



    149,571

    Prepaid expenses and other current assets

    9,094



    10,966

    Total current assets

    357,224



    425,966









    Property, plant and equipment, net

    195,289



    193,099

    Operating lease assets

    20,731



    23,769

    Goodwill

    47,283



    47,110

    Other intangible assets, net

    17,114



    20,215

    Deferred tax assets

    2,628



    2,275

    Other assets

    2,067



    2,441

    Total assets

    $           642,336



    $           714,875









    LIABILITIES AND STOCKHOLDERS' EQUITY







    Current debt

    $             16,916



    $             22,438

    Accounts payable

    70,087



    93,633

    Accrued liabilities

    49,281



    46,871

    Total current liabilities

    136,284



    162,942









    Long-term debt, less current portion

    58,117



    91,677

    Noncurrent operating lease liabilities

    17,404



    19,816

    Deferred tax liabilities

    8,307



    8,121

    Other noncurrent liabilities

    6,860



    9,291

    Total liabilities

    226,972



    291,847









    Common stock, $0.01 par value (200,000,000 shares authorized and 111,669,464

    and 111,451,999 shares issued, respectively)

    1,117



    1,115

    Paid-in capital

    639,645



    641,266

    Accumulated other comprehensive loss

    (62,839)



    (67,186)

    Retained earnings

    10,773



    2,489

    Treasury stock, at cost (26,471,738 and 21,751,232 shares, respectively)

    (173,332)



    (154,656)

    Total stockholders' equity

    415,364



    423,028

    Total liabilities and stockholders' equity

    $           642,336



    $           714,875

     

    Newpark Resources, Inc.

    Condensed Consolidated Statements of Cash Flows

    (Unaudited)





    Twelve Months Ended

    December 31,

    (In thousands)

    2023



    2022

    Cash flows from operating activities:







    Net income (loss)

    $             14,516



    $            (20,834)

    Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:







    Impairments and other non-cash charges

    6,356



    37,322

    Depreciation and amortization

    31,372



    38,610

    Stock-based compensation expense

    6,638



    6,861

    Provision for deferred income taxes

    (482)



    (3,384)

    Credit loss expense

    1,209



    1,039

    Gain on divestitures

    —



    (3,596)

    Gain on sale of assets

    (2,904)



    (2,809)

    Amortization of original issue discount and debt issuance costs

    541



    871

    Change in assets and liabilities:







     (Increase) decrease in receivables

    64,812



    (42,452)

     (Increase) decrease in inventories

    2,256



    (46,909)

     (Increase) decrease in other assets

    307



    (855)

     Increase (decrease) in accounts payable

    (25,065)



    10,781

     Increase in accrued liabilities and other

    445



    334

    Net cash provided by (used in) operating activities

    100,001



    (25,021)









    Cash flows from investing activities:







    Capital expenditures

    (29,232)



    (28,273)

    Proceeds from divestitures

    19,833



    71,286

    Proceeds from sale of property, plant and equipment

    3,709



    3,217

    Net cash provided by (used in) investing activities

    (5,690)



    46,230









    Cash flows from financing activities:







    Borrowings on lines of credit

    241,873



    287,276

    Payments on lines of credit

    (277,591)



    (290,886)

    Proceeds from term loan

    —



    3,754

    Debt issuance costs

    —



    (1,499)

    Purchases of treasury stock

    (34,265)



    (20,248)

    Proceeds from employee stock plans

    606



    —

      Other financing activities

    (11,670)



    (3,327)

    Net cash used in financing activities

    (81,047)



    (24,930)









    Effect of exchange rate changes on cash

    576



    (707)









    Net increase (decrease) in cash, cash equivalents, and restricted cash

    13,840



    (4,428)

    Cash, cash equivalents, and restricted cash at beginning of period

    25,061



    29,489

    Cash, cash equivalents, and restricted cash at end of period

    $             38,901



    $             25,061

     

    Newpark Resources, Inc.

    Non-GAAP Reconciliations

    (Unaudited)

    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. Such financial measures include Adjusted Net Income (Loss), Adjusted Net Income (Loss) Per Common Share, earnings before interest, taxes, depreciation and amortization ("EBITDA"), Adjusted EBITDA, Free Cash Flow, Adjusted EBITDA Margin, Net Debt, and Net Leverage.

    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. Management uses these measures to evaluate our operating performance, liquidity and capital structure. In addition, our incentive compensation plan measures performance based on our consolidated EBITDA, along with other factors. The methods we use to produce these non-GAAP financial measures may differ from methods used by other companies. These measures should be considered in addition to, not as a substitute for, financial measures prepared in accordance with GAAP.

    Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Common Share

    The following tables reconcile the Company's net income (loss) and net income (loss) per common share calculated in accordance with GAAP to the non-GAAP financial measures of Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Common Share:

    Consolidated

    Three Months Ended



    Twelve Months Ended

    (In thousands)

    December

    31,


    2023



    September

    30,


    2023



    December

    31,


    2022



    December

    31,


    2023



    December

    31,


    2022

    Net income (loss) (GAAP)

    $            (476)



    $           7,670



    $           8,992



    $         14,516



    $       (20,834)

    Impairments and other charges

    3,540



    —



    —



    6,356



    37,322

    Fluids sale process transaction expenses

    894



    892



    —



    1,786



    —

    Facility exit costs and other, net

    —



    358



    1,303



    4,757



    2,860

    Severance costs

    29



    506



    216



    2,659



    736

    Gain on divestitures

    —



    —



    (3,596)



    —



    (3,596)

    Tax on adjustments

    (193)



    (369)



    (318)



    (2,263)



    (755)

    Tax benefit on restructuring of certain subsidiary legal entities

    —



    —



    —



    —



    (3,111)

    Adjusted Net Income (non-GAAP)

    $           3,794



    $           9,057



    $           6,597



    $         27,811



    $         12,622

    Adjusted Net Income (non-GAAP)

    $           3,794



    $           9,057



    $           6,597



    $         27,811



    $         12,622





















    Weighted average common shares outstanding - basic

    85,003



    86,310



    92,324



    86,401



    92,712

    Dilutive effect of stock options and restricted stock awards

    2,225



    1,724



    1,156



    1,914



    1,300

    Weighted average common shares outstanding - diluted

    87,228



    88,034



    93,480



    88,315



    94,012





















    Adjusted Net Income Per Common Share - Diluted (non-GAAP):

    $             0.04



    $             0.10



    $             0.07



    $             0.31



    $             0.13

     

    Newpark Resources, Inc.

    Non-GAAP Reconciliations (Continued)

    (Unaudited)

    EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin

    The following table reconciles the Company's net income (loss) calculated in accordance with GAAP to the non-GAAP financial measures of EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin:

    Consolidated

    Three Months Ended



    Twelve Months Ended

    (In thousands)

    December

    31,


    2023



    September

    30,


    2023



    December

    31,


    2022



    December

    31,


    2023



    December

    31,


    2022

    Revenues

    $     167,816



    $     198,498



    $     225,159



    $     749,600



    $     815,594





















    Net income (loss) (GAAP)

    $          (476)



    $          7,670



    $          8,992



    $        14,516



    $    (20,834)

    Interest expense, net

    1,919



    2,027



    2,321



    8,181



    7,040

    Provision for income taxes

    2,424



    3,995



    3,881



    10,666



    4,371

    Depreciation and amortization

    7,865



    7,704



    8,351



    31,372



    38,610

    EBITDA (non-GAAP)

    11,732



    21,396



    23,545



    64,735



    29,187

    Impairments and other charges

    3,540



    —



    —



    6,356



    37,322

    Fluids sale process transaction expenses

    894



    892



    —



    1,786



    —

    Facility exit costs and other, net

    —



    358



    1,303



    4,594



    2,452

    Severance costs

    29



    506



    216



    2,659



    736

    Gain on divestitures

    —



    —



    (3,596)



    —



    (3,596)

    Adjusted EBITDA (non-GAAP)

    $        16,195



    $        23,152



    $        21,468



    $        80,130



    $        66,101

    Adjusted EBITDA Margin (non-GAAP)

    9.7 %



    11.7 %



    9.5 %



    10.7 %



    8.1 %

     

    Free Cash Flow

    The following table reconciles the Company's net cash provided by (used in) operating activities calculated in accordance with GAAP to the non-GAAP financial measure of Free Cash Flow:

    Consolidated

    Three Months Ended



    Twelve Months Ended

    (In thousands)

    December

    31,


    2023



    September

    30,


    2023



    December

    31,


    2022



    December

    31,


    2023



    December

    31,


    2022

    Net cash provided by (used in) operating activities (GAAP)

    $         36,159



    $         26,994



    $           3,072



    $       100,001



    $       (25,021)

    Capital expenditures

    (9,098)



    (4,787)



    (10,553)



    (29,232)



    (28,273)

    Proceeds from sale of property, plant and equipment

    757



    648



    720



    3,709



    3,217

    Free Cash Flow (non-GAAP)

    $         27,818



    $         22,855



    $         (6,761)



    $         74,478



    $       (50,077)

     

    Newpark Resources, Inc.

    Non-GAAP Reconciliations (Continued)

    (Unaudited)

    EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin

    The following tables reconcile the Company's segment operating income calculated in accordance with GAAP to the non-GAAP financial measures of EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin:

    Fluids Systems

    Three Months Ended



    Twelve Months Ended

    (In thousands)

    December

    31,


    2023



    September

    30,


    2023



    December

    31,


    2022



    December

    31,


    2023



    December

    31,


    2022

    Revenues

    $     121,361



    $     141,236



    $     167,705



    $     541,952



    $     622,601

    Operating income (loss) (GAAP)

    $      (1,147)



    $          7,573



    $          4,828



    $        11,857



    $    (15,566)

    Depreciation and amortization

    1,957



    1,883



    2,358



    7,776



    13,875

    EBITDA (non-GAAP)

    810



    9,456



    7,186



    19,633



    (1,691)

    Impairments and other charges

    3,540



    —



    —



    6,356



    29,417

    Fluids sale process transaction expenses

    326



    293



    —



    619



    —

    Facility exit costs and other, net

    —



    358



    1,000



    4,594



    1,000

    Severance costs

    29



    40



    163



    1,172



    398

    Gain on divestiture

    —



    —



    (971)



    —



    (971)

    Adjusted EBITDA (non-GAAP)

    $          4,705



    $        10,147



    $          7,378



    $        32,374



    $        28,153

    Operating Margin (GAAP)

    (0.9) %



    5.4 %



    2.9 %



    2.2 %



    (2.5) %

    Adjusted EBITDA Margin (non-GAAP)

    3.9 %



    7.2 %



    4.4 %



    6.0 %



    4.5 %



    Industrial Solutions

    Three Months Ended



    Twelve Months Ended

    (In thousands)

    December

    31,


    2023



    September

    30,


    2023



    December

    31,


    2022



    December

    31,


    2023



    December

    31,


    2022

    Revenues

    $        46,455



    $        57,262



    $        57,454



    $     207,648



    $     192,993

    Operating income (GAAP)

    11,415



    $        14,336



    $        17,751



    $        53,008



    $        43,899

    Depreciation and amortization

    5,350



    5,224



    5,482



    21,108



    21,653

    EBITDA (non-GAAP)

    16,765



    19,560



    23,233



    74,116



    65,552

    Severance costs

    —



    162



    53



    254



    214

    Adjusted EBITDA (non-GAAP)

    $        16,765



    $        19,722



    $        23,286



    $        74,370



    $        65,766

    Operating Margin (GAAP)

    24.6 %



    25.0 %



    30.9 %



    25.5 %



    22.7 %

    Adjusted EBITDA Margin (non-GAAP)

    36.1 %



    34.4 %



    40.5 %



    35.8 %



    34.1 %



    Industrial Blending

    Three Months Ended



    Twelve Months Ended

    (In thousands)

    December

    31,


    2023



    September

    30,


    2023



    December

    31,


    2022



    December

    31,


    2023



    December

    31,


    2022

    Revenues

    $                 —



    $                 —



    $                 —



    $                 —



    $                 —

    Operating income (loss) (GAAP)

    $                 —



    $                 —



    $           2,322



    $                 —



    $         (8,002)

    Depreciation and amortization

    —



    —



    —



    —



    678

    EBITDA (non-GAAP)

    —



    —



    2,322



    —



    (7,324)

    Impairment

    —



    —



    —



    —



    7,905

    Facility exit costs and other, net

    —



    —



    303



    —



    1,453

    Severance costs

    —



    —



    —



    —



    123

    Gain on divestiture

    —



    —



    (2,625)







    (2,625)

    Adjusted EBITDA (non-GAAP)

    $                 —



    $                 —



    $                 —



    $                 —



    $            (468)

     

    Newpark Resources, Inc.

    Non-GAAP Reconciliations (Continued)

    (Unaudited)

    EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin - Trailing Twelve Months ("TTM")

     



    Consolidated

    Three Months Ended



    TTM

    (In thousands)

    March 31,

    2023



    June

    30,
    2023



    September

    30,


    2023



    December

    31,


    2023



    December

    31,


    2023

    Revenues

    $     200,030



    $     183,256



    $     198,498



    $     167,816



    $     749,600

    Net income (loss) (GAAP)

    $          5,620



    $          1,702



    $          7,670



    $          (476)



    $        14,516

    Interest expense, net

    2,089



    2,146



    2,027



    1,919



    8,181

    Provision for income taxes

    2,115



    2,132



    3,995



    2,424



    10,666

    Depreciation and amortization

    7,895



    7,908



    7,704



    7,865



    31,372

    EBITDA (non-GAAP)

    17,719



    13,888



    21,396



    11,732



    64,735

    Impairments and other charges

    —



    2,816



    —



    3,540



    6,356

    Fluids sale process transaction expenses

    —



    —



    892



    894



    1,786

    Facility exit costs and other, net

    2,292



    1,944



    358



    —



    4,594

    Severance costs

    955



    1,169



    506



    29



    2,659

    Adjusted EBITDA (non-GAAP)

    $        20,966



    $        19,817



    $        23,152



    $        16,195



    $        80,130

    Adjusted EBITDA Margin (non-GAAP)

    10.5 %



    10.8 %



    11.7 %



    9.7 %



    10.7 %



    Fluids Systems

    Three Months Ended



    TTM

    (In thousands)

    March

    31,
    2023



    June

    30,
    2023



    September

    30,


    2023



    December

    31,


    2023



    December

    31,


    2023

    Revenues

    $     144,174



    $     135,181



    $     141,236



    $     121,361



    $     541,952

    Operating income (loss) (GAAP)

    $          3,466



    $          1,965



    $          7,573



    $      (1,147)



    $        11,857

    Depreciation and amortization

    1,975



    1,961



    1,883



    1,957



    7,776

    EBITDA (non-GAAP)

    5,441



    3,926



    9,456



    810



    19,633

    Impairments and other charges

    —



    2,816



    —



    3,540



    6,356

    Fluids sale process transaction expenses

    —



    —



    293



    326



    619

    Facility exit costs and other, net

    2,292



    1,944



    358



    —



    4,594

    Severance costs

    955



    148



    40



    29



    1,172

    Adjusted EBITDA (non-GAAP)

    $          8,688



    $          8,834



    $        10,147



    $          4,705



    $        32,374

    Operating Margin (GAAP)

    2.4 %



    1.5 %



    5.4 %



    (0.9) %



    2.2 %

    Adjusted EBITDA Margin (non-GAAP)

    6.0 %



    6.5 %



    7.2 %



    3.9 %



    6.0 %



    Industrial Solutions

    Three Months Ended



    TTM

    (In thousands)

    March 31,

    2023



    June 30,

    2023



    September

    30,


    2023



    December

    31,


    2023



    December

    31,


    2023

    Revenues

    $        55,856



    $        48,075



    $        57,262



    $        46,455



    $     207,648

    Operating income (GAAP)

    $        14,483



    $        12,774



    $        14,336



    $        11,415



    $        53,008

    Depreciation and amortization

    5,257



    5,277



    5,224



    5,350



    21,108

    EBITDA (non-GAAP)

    19,740



    18,051



    19,560



    16,765



    74,116

    Severance costs

    —



    92



    162



    —



    254

    Adjusted EBITDA (non-GAAP)

    $        19,740



    $        18,143



    $        19,722



    $        16,765



    $        74,370

    Operating Margin (GAAP)

    25.9 %



    26.6 %



    25.0 %



    24.6 %



    25.5 %

    Adjusted EBITDA Margin (non-GAAP)

    35.3 %



    37.7 %



    34.4 %



    36.1 %



    35.8 %

     

    Newpark Resources, Inc.

    Non-GAAP Reconciliations (Continued)

    (Unaudited)

    Net Debt and Net Leverage

    The following table reconciles the Company's total debt calculated in accordance with GAAP to the non-GAAP financial measures of Net Debt and Net Leverage:

    (In thousands)

    December 31,

    2023



    December 31,

    2022

    Current debt

    $               16,916



    $               22,438

    Long-term debt, less current portion

    58,117



    91,677

    Total Debt

    75,033



    114,115

    Less: cash and cash equivalents

    (38,594)



    (23,182)

    Net Debt

    $               36,439



    $               90,933









    Adjusted EBITDA (non-GAAP) - TTM

    $               80,130



    $               66,101









    Net Leverage

    0.5x



    1.4x

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/newpark-resources-reports-fourth-quarter-and-full-year-2023-results-302067823.html

    SOURCE Newpark Resources, Inc.

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      Newpark Resources rebrands to NPK International NPK International to commence trading on the NYSE under the ticker symbol NPKI beginning December 19, 2024 Newpark Resources, Inc. (NYSE:NR) ("Newpark" or the "Company") today announced that it has formally changed the Company name to NPK International Inc. ("NPK"), effective today. Key highlights of the rebranding campaign include the following: New brand identity. NPK is a leading worksite access solutions company committed to providing best-in-class products and services to support our customers critical infrastructure projects. Building on a legacy of innovation, NPK provides sustainable technologies that deliver superior quality

      12/9/24 7:00:00 AM ET
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      Metal Fabrications
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    • Newpark Resources Reports Third Quarter 2024 Results

      Newpark Resources, Inc. (NYSE:NR) ("Newpark" or the "Company") today announced results for the third quarter ended September 30, 2024. On September 13, 2024, the Company completed the sale of its equity interests in substantially all of the Company's Fluids Systems segment. The results of the Fluids Systems segment are reported in discontinued operations for all periods. THIRD QUARTER 2024 RESULTS Revenue of $44.2 million Operating income from continuing operations of $1.2 million Income from continuing operations of $14.9 million, which includes a $14.6 million tax benefit; Adjusted Income from Continuing Operations of $0.3 million Adjusted EBITDA from Continuing Operations of $7

      11/7/24 4:15:00 PM ET
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    SEC Filings

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    • Newpark Resources Inc. filed SEC Form 8-K: Other Events, Financial Statements and Exhibits

      8-K - NPK International Inc. (0000071829) (Filer)

      12/9/24 4:22:37 PM ET
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    • Newpark Resources Inc. filed SEC Form 8-K: Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - NEWPARK RESOURCES INC (0000071829) (Filer)

      12/3/24 4:14:11 PM ET
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    • SEC Form 10-Q filed by Newpark Resources Inc.

      10-Q - NEWPARK RESOURCES INC (0000071829) (Filer)

      11/12/24 4:47:42 PM ET
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    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • B. Riley Securities initiated coverage on Newpark Res with a new price target

      B. Riley Securities initiated coverage of Newpark Res with a rating of Buy and set a new price target of $10.00

      4/9/24 8:37:53 AM ET
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    • ROTH MKM initiated coverage on Newpark Res with a new price target

      ROTH MKM initiated coverage of Newpark Res with a rating of Buy and set a new price target of $10.00

      3/8/24 7:58:00 AM ET
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    • H.C. Wainwright initiated coverage on Newpark Res with a new price target

      H.C. Wainwright initiated coverage of Newpark Res with a rating of Buy and set a new price target of $12.00

      12/5/23 8:02:19 AM ET
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    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

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    • SEC Form SC 13G/A filed by Newpark Resources Inc. (Amendment)

      SC 13G/A - NEWPARK RESOURCES INC (0000071829) (Subject)

      2/14/24 1:21:03 PM ET
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    • SEC Form SC 13G filed by Newpark Resources Inc.

      SC 13G - NEWPARK RESOURCES INC (0000071829) (Subject)

      2/13/24 5:09:43 PM ET
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    • SEC Form SC 13G filed by Newpark Resources Inc.

      SC 13G - NEWPARK RESOURCES INC (0000071829) (Subject)

      2/9/24 9:59:15 AM ET
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    Leadership Updates

    Live Leadership Updates

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    • Orion Group Holdings, Inc. Names Chip Earle as General Counsel

      HOUSTON, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Orion Group Holdings, Inc. (NYSE:ORN) (the "Company"), a leading specialty construction company, announced today the appointment of Edward Chipman ("Chip") Earle as Executive Vice President, General Counsel, Chief Administrative Officer, Chief Compliance Officer and Corporate Secretary, effective November 27th. Mr. Earle will succeed Executive Vice President Peter R. Buchler, who is retiring from Orion after 15 years of service. Mr. Earle joins Orion from Newpark Resources, Inc. (NYSE:NR), a service provider to the industrial and energy sectors, where he was Vice President - General Counsel, Chief Administrative Officer, Chief Compliance Offi

      11/28/23 7:00:03 AM ET
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      $ORN
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      Military/Government/Technical
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    • NEWPARK RESOURCES ANNOUNCES RETIREMENT OF BOARD CHAIRMAN

      THE WOODLANDS, Texas, Dec. 2, 2022 /PRNewswire/ -- Newpark Resources, Inc. (NYSE:NR) ("Newpark" or the "Company") announced today that Anthony J. Best, who has served as an independent member of the Company's Board of Directors (the "Board") since 2014, and Chairman of the Board since 2018, informed the Company that he has chosen not to stand for re-election and instead retire from the Board immediately following the Company's upcoming Annual Meeting of Stockholders in May 2023. No decision has been made by the Board regarding the succession of the Chairman position following Mr. Best's retirement. Effective upon Mr. Best's retirement, the Board has determined to reduce its size from eight d

      12/2/22 4:15:00 PM ET
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    • NEWPARK RESOURCES ANNOUNCES RETIREMENT OF BOARD MEMBER

      THE WOODLANDS, Texas, April 4, 2022 /PRNewswire/ -- Newpark Resources, Inc. (NYSE:NR) ("Newpark" or the "Company") announced today that G. Stephen Finley, who has served as an independent member of the Company's Board of Directors (the "Board") since 2007, informed the Chairman of the Board that he has chosen not to stand for re-election and instead retire from the Board immediately following the Company's upcoming Annual Meeting of Stockholders in May 2022.    Anthony J. Best, Chairman of Newpark's Board of Directors, stated, "We would like to thank Steve for his many contributions to Newpark during his fifteen years of service as a member of the Board. Steve's leadership and invaluable ins

      4/4/22 4:15:00 PM ET
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