National Energy Services Reunited Shares Gain on Higher-than-Expected 2Q Results

Dow Jones

Aug 10

Shares of National Energy Services Reunited climbed after the company posted higher profit and revenue in the latest quarter, as it stepped up activity levels and continued operations in the Middle East.

The stock rose 13% to $32.92 in premarket trading Monday. Through Friday's close, shares are up roughly 84% year to date.

The company, which provides oilfield services in the Middle East and Africa, before the bell posted second-quarter net income of $44 million, or 43 cents a share, up from $15.2 million, or 16 cents a share, a year earlier.

Stripping out one-time items, earnings came in at 44 cents a share. Analysts polled by FactSet had expected adjusted earnings of 35 cents a share.

Revenues jumped 59% to $520.8 million, ahead of the $448.5 million that Wall Street had modeled.

Chief Executive Sherif Foda said the company maintained its presence across all operating units, with no interruption to any customer activities despite continued conflict in the region.

"Higher activity levels and disciplined execution translated into pronounced margin expansion, record profitability and robust cash generation," Chief Financial Officer Stefan Angeli added.

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Through Friday's close, shares are up roughly 84% year to date. \n\n\n  The company, which provides oilfield services in the Middle East and Africa, before the bell posted second-quarter net income of $44 million, or 43 cents a share, up from $15.2 million, or 16 cents a share, a year earlier. \n\n\n  Stripping out one-time items, earnings came in at 44 cents a share. 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