Newpark Resources Files Q2 2024 10-Q

TL;DR

NR: Q2 2024 10-Q filed. Financials and ops details out.

AI Summary

Newpark Resources Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors and stakeholders are presented within this report.

Why It Matters

This filing provides crucial financial and operational insights into Newpark Resources' performance during the second quarter of 2024, impacting investor decisions and market perception.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the oil and gas industry is inherently volatile, and specific financial details within the 10-Q could reveal risks.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 20240806 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• NEWPARK RESOURCES INC (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240806 (date) — Filing date of the report
• OIL & GAS FILED MACHINERY & EQUIPMENT [3533] (industry) — Standard Industrial Classification for Newpark Resources Inc.

FAQ

Key Financial Figures

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

Filing Documents

• nr-20240630.htm (10-Q) — 983KB
• a2024q210qexhibit101.htm (EX-10.1) — 47KB
• a2024q210qexhibit102.htm (EX-10.2) — 79KB
• a2024q210qexhibit311.htm (EX-31.1) — 8KB
• a2024q210qexhibit312.htm (EX-31.2) — 8KB
• a2024q210qexhibit321.htm (EX-32.1) — 5KB
• a2024q210qexhibit322.htm (EX-32.2) — 5KB
• image_0.jpg (GRAPHIC) — 1KB
• nr-20240630_g1.jpg (GRAPHIC) — 53KB
• nr-20240630_g2.jpg (GRAPHIC) — 17KB
• nr-20240630_g3.jpg (GRAPHIC) — 18KB
• nr-20240630_g4.jpg (GRAPHIC) — 18KB
• 0000071829-24-000092.txt ( ) — 5412KB
• nr-20240630.xsd (EX-101.SCH) — 34KB
• nr-20240630_cal.xml (EX-101.CAL) — 64KB
• nr-20240630_def.xml (EX-101.DEF) — 120KB
• nr-20240630_lab.xml (EX-101.LAB) — 450KB
• nr-20240630_pre.xml (EX-101.PRE) — 303KB
• nr-20240630_htm.xml (XML) — 639KB

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 15 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 ITEM 4.

Controls and Procedures

Controls and Procedures 29 PART II OTHER INFORMATION 30 ITEM 1.

Legal Proceedings

Legal Proceedings 30 ITEM 1A.

Risk Factors

Risk Factors 30 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 ITEM 3. Defaults Upon Senior Securities 31 ITEM 4. Mine Safety Disclosures 31 ITEM 5. Other Information 31 ITEM 6. Exhibits 32

Signatures

Signatures 33 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) June 30, 2024 December 31, 2023 ASSETS Cash and cash equivalents $ 35,087 $ 38,594 Receivables, net of allowance of $ 5,510 and $ 4,751 , respectively 158,834 168,457 Inventories 127,421 141,079 Prepaid expenses and other current assets 10,284 9,094 Total current assets 331,626 357,224 Property, plant and equipment, net 205,076 195,289 Operating lease assets 19,555 20,731 Goodwill 47,259 47,283 Other intangible assets, net 15,580 17,114 Deferred tax assets 3,553 2,628 Other assets 2,151 2,067 Total assets $ 624,800 $ 642,336 LIABILITIES AND STOCKHOLDERS' EQUITY Current debt $ 17,591 $ 16,916 Accounts payable 69,153 70,087 Accrued liabilities 40,162 49,281 Total current liabilities 126,906 136,284 Long-term debt, less current portion 40,392 58,117 Noncurrent operating lease liabilities 16,587 17,404 Deferred tax liabilities 6,843 8,307 Other noncurrent liabilities 7,463 6,860 Total liabilities 198,191 226,972 Commitments and contingencies (Note 10) 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 631,497 639,645 Accumulated other comprehensive loss ( 66,084 ) ( 62,839 ) Retained earnings 26,137 10,773 Treasury stock, at cost ( 25,202,455 and 26,471,738 shares, respectively) ( 166,058 ) ( 173,332 ) Total stockholders' equity 426,609 415,364 Total liabilities and stockholders' equity $ 624,800 $ 642,336 See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements 2 Newpark Resources, Inc. Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share data) 2024 2023 2024 2023 Revenues $ 179,009 $ 183,256 $ 348,116 $ 383,286 Cost of revenues 140,084 150,170 274,671 314,908 Sel

View Full Filing

View this 10-Q filing on SEC EDGAR