National Energy (NESR) Propels to All-Time High on Earnings Beat

We recently published 10 Stocks Outperforming With Monstrous Gains. National Energy Services Reunited Corp. (NASDAQ:NESR) was one of the best performers on Tuesday.

National Energy Services soared to a new all-time high on Tuesday after beating earnings expectations last year.

At intra-day trading, the stock climbed to its highest price of $24.30 before trimming gains to finish the session just up by 16.03 percent at $24.17 apiece.

In an updated report, National Energy Services Reunited Corp. (NASDAQ:NESR) said that it was able to grow its revenues in the fourth quarter of last year by 15.9 percent to $398 million from $343.68 million in the same period a year earlier. The figure also beat analyst expectations of $368.54 million.

Net income, however, fell by 70.9 percent to $7.8 million from $26.8 million year-on-year, amid non-cash impairment charges on two small technology investments, additional current expected credit loss provisions, mobilization-related restructuring costs in Oman, and other write-offs and provisions largely related to a vendor bankruptcy and resulting provision for a construction-in-process prepayment previously made in Saudi Arabia.

Adjusted earnings per share stood at $0.32, higher than the $0.25 expected by analysts.

“We are very pleased with our fourth quarter results, which cap another year of disciplined execution and strategic progress for NESR. The quarter follows the announcement of several significant contract awards, most notably our integrated unconventional completions scope in Saudi Arabia’s Jafurah development, which further reinforces our long-standing partnership with Aramco and our role in enabling world-class unconventional operations in the Kingdom,” said National Energy Services Reunited Corp. (NASDAQ:NESR) Chairman and CEO Sherif Foda, adding that it sees strong momentum beyond Saudi Arabia.

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