Nine Energy Service, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 07, 2022 at 06:41 am EST
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Nine Energy Service, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported revenue was USD 167.43 million compared to USD 92.87 million a year ago. Net income was USD 14.29 million compared to net loss of USD 16.05 million a year ago. Basic earnings per share from continuing operations was USD 0.46 compared to basic loss per share from continuing operations of USD 0.53 a year ago. Diluted earnings per share from continuing operations was USD 0.45 compared to diluted loss per share from continuing operations of USD 0.53 a year ago.
For the nine months, revenue was USD 426.71 million compared to USD 244.33 million a year ago. Net income was USD 6.41 million compared to net loss of USD 48.83 million a year ago. Basic earnings per share from continuing operations was USD 0.21 compared to basic loss per share from continuing operations of USD 1.61 a year ago. Diluted earnings per share from continuing operations was USD 0.2 compared to diluted loss per share from continuing operations of USD 1.61 a year ago.
Nine Energy Service, Inc. is an oilfield services company that offers completion solutions within North America and abroad. The Company partner with its exploration and production (E&P) customers to design and deploy downhole solutions and technology to prepare horizontal, multistage wells for production. The Company provide its comprehensive completion solutions across a diverse set of well-types, including on the complex, technically demanding unconventional wells. It offers variety of completion applications and technologies to match customer needs across the broadest addressable completions market. Its comprehensive well solutions range from cementing the well at the initial stages of the completion, preparing the well for stimulation, isolating all the stages of an extended reach lateral, and the drilling out of isolation tools. The Company provides services integral to the completion of unconventional wells through a range of tools and methodologies.