Newpark Resources Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Newpark Resources Inc. filed its Q1 2024 10-Q report, detailing financial positions and segment performance.</b>

AI Summary

NEWPARK RESOURCES INC (NPKI) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. The filing is a 10-Q for Newpark Resources Inc. for the period ending March 31, 2024. The company's Standard Industrial Classification is OIL & GAS FILED MACHINERY & EQUIPMENT [3533]. The filing includes data for the fiscal year ending December 31, 2024, with Q1 data for 2024. Financial data points include common stock, additional paid-in capital, accumulated other comprehensive income, retained earnings, and treasury stock for various dates in 2022, 2023, and 2024. Segment information for Fluids Systems, Industrial Solutions, Blended Drilling Fluids Components, and Mats is provided for March 31, 2024, and December 31, 2023.

Why It Matters

For investors and stakeholders tracking NEWPARK RESOURCES INC, this filing contains several important signals. This 10-Q filing provides a quarterly update on the financial health and operational segments of Newpark Resources Inc., crucial for investors to assess performance and trends. The detailed financial data and segment breakdowns allow stakeholders to understand the company's financial standing, including equity, retained earnings, and the performance of its various business units like Fluids Systems and Industrial Solutions.

Risk Assessment

Risk Level: medium — NEWPARK RESOURCES INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains routine financial information. However, the oil and gas industry is subject to inherent volatility, which could impact the company's performance.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand the company's current operational and financial trajectory.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Report Date (Conformed Period of Report)
• 2024-05-03 — Filing Date (Filed as of Date)
• 2024-01-01 — Q1 Start Date (Reporting period for Q1 2024)
• 2023-03-31 — Prior Year Q1 End Date (Comparative period)

Key Players & Entities

• NEWPARK RESOURCES INC (company) — Filer name
• 0000071829 (company) — Central Index Key
• 3533 (regulator) — Standard Industrial Classification code for OIL & GAS FILED MACHINERY & EQUIPMENT
• DE (company) — State of Incorporation
• TX (company) — State for business and mail address
• 281-362-6800 (company) — Business Phone

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value NR New York Stock Exchange

Filing Documents

• nr-20240331.htm (10-Q) — 693KB
• a2024q110qexhibit101.htm (EX-10.1) — 51KB
• a2024q110qexhibit102.htm (EX-10.2) — 93KB
• a2024q110qexhibit103.htm (EX-10.3) — 101KB
• a2024q110qexhibit311.htm (EX-31.1) — 8KB
• a2024q110qexhibit312.htm (EX-31.2) — 8KB
• a2024q110qexhibit321.htm (EX-32.1) — 5KB
• a2024q110qexhibit322.htm (EX-32.2) — 5KB
• nr-20240331_g1.jpg (GRAPHIC) — 53KB
• nr-20240331_g2.jpg (GRAPHIC) — 16KB
• nr-20240331_g3.jpg (GRAPHIC) — 18KB
• nr-20240331_g4.jpg (GRAPHIC) — 18KB
• 0000071829-24-000036.txt (&nbsp;) — 4621KB
• nr-20240331.xsd (EX-101.SCH) — 31KB
• nr-20240331_cal.xml (EX-101.CAL) — 61KB
• nr-20240331_def.xml (EX-101.DEF) — 99KB
• nr-20240331_lab.xml (EX-101.LAB) — 399KB
• nr-20240331_pre.xml (EX-101.PRE) — 272KB
• nr-20240331_htm.xml (XML) — 463KB

Financial Statements

Financial Statements 2 Condensed Consolidated Balance Sheets 2 Condensed Consolidated Statements of Operations 3 Condensed Consolidated Statements of Comprehensive Income (Loss) 4 Condensed Consolidated Statements of Stockholders' Equity 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 ITEM 4.

Controls and Procedures

Controls and Procedures 26 PART II OTHER INFORMATION 27 ITEM 1.

Legal Proceedings

Legal Proceedings 27 ITEM 1A.

Risk Factors

Risk Factors 27 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 ITEM 3. Defaults Upon Senior Securities 28 ITEM 4. Mine Safety Disclosures 28 ITEM 5. Other Information 28 ITEM 6. Exhibits 29

Signatures

Signatures 30 CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. We also may provide oral or written forward-looking statements in other materials we release to the public. 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 forward-looking statements reflect the current views of our management as of the filing date of this Quarterly Report on Form 10-Q; however, various risks, uncertainties, contingencies, and other factors, some of which are beyond our control, are difficult to predict and could cause our actual results, performance, or achievements to differ materially from those expressed in, or implied by, these statements. We assume no obligation to update, amend, or clarify publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws. In light of these risks, uncertainties, and assumptions, the forward-looking events discussed in this Quarterly Report on Form 10-Q might not occur. For further information regarding these and other factors, risks, and uncertainties that could cause actual results to differ, we refer you to the risk factors set forth in Item 1A "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023. 1

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements Newpark Resources, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share data) March 31, 2024 December 31, 2023 ASSETS Cash and cash equivalents $ 37,695 $ 38,594 Receivables, net of allowance of $ 4,853 and $ 4,751 , respectively 169,723 168,457 Inventories 131,599 141,079 Prepaid expenses and other current assets 8,901 9,094 Total current assets 347,918 357,224 Property, plant and equipment, net 203,293 195,289 Operating lease assets 20,779 20,731 Goodwill 47,253 47,283 Other intangible assets, net 16,323 17,114 Deferred tax assets 3,271 2,628 Other assets 1,992 2,067 Total assets $ 640,829 $ 642,336 LIABILITIES AND STOCKHOLDERS' EQUITY Current debt $ 16,433 $ 16,916 Accounts payable 68,370 70,087 Accrued liabilities 39,792 49,281 Total current liabilities 124,595 136,284 Long-term debt, less current portion 61,005 58,117 Noncurrent operating lease liabilities 17,479 17,404 Deferred tax liabilities 7,256 8,307 Other noncurrent liabilities 8,905 6,860 Total liabilities 219,240 226,972 Commitments and contingencies (Note 9) Common stock, $ 0.01 par value ( 200,000,000 shares authorized and 111,669,464 and 111,669,464 shares issued, respectively) 1,117 1,117 Paid-in capital 641,061 639,645 Accumulated other comprehensive loss ( 65,374 ) ( 62,839 ) Retained earnings 18,137 10,773 Treasury stock, at cost ( 26,467,812 and 26,471,738 shares, respectively) ( 173,352 ) ( 173,332 ) Total stockholders' equity 421,589 415,364 Total liabilities and stockholders' equity $ 640,829 $ 642,336 See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements 2 Newpark Resources, Inc. Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended March 31, (In thousands, except per share data) 2024 2023 Revenues $ 169,107 $ 200,030 Cost of revenues 134,587 164,738 Selling, general and administrative expenses 24,344 25,410 Other operating

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View this 10-Q filing on SEC EDGAR