NPK International Inc. (NYSE: NPKI) (“NPK” or the “Company”)
today announced results for the three and twelve months ended
December 31, 2024.
FOURTH QUARTER 2024 RESULTS (all comparisons versus the
prior year period unless otherwise noted)
- Revenues of $57.5 million, +24%
- Operating income from continuing operations of $11.6
million
- Operating margin from continuing operations of 20.2%
- Income from continuing operations of $8.0 million, or $0.09 per
diluted share; Adjusted Income from Continuing Operations of $7.1
million, or $0.08 per diluted share
- Adjusted EBITDA from Continuing Operations of $17.1 million,
+35%
- Adjusted EBITDA margin from Continuing Operations of 29.7%
- Total cash of $18 million and total debt of $8 million as of
December 31, 2024
FULL YEAR 2024 RESULTS (all comparisons versus the prior
year period unless otherwise noted)
- Revenues of $217.5 million, +5%
- Operating income from continuing operations of $32.4
million
- Operating margin from continuing operations of 14.9%
- Income from continuing operations of $35.6 million, or $0.41
per diluted share; Adjusted Income from Continuing Operations of
$20.3 million, or $0.23 per diluted share
- Adjusted EBITDA from Continuing Operations of $54.9 million,
+12%
- Adjusted EBITDA margin from Continuing Operations of 25.2%
Fourth Quarter
(In millions)
2024
2023
Change
Revenues
$
57.5
$
46.5
$
11.0
Operating income from continuing
operations
$
11.6
$
6.1
$
5.5
Adjusted EBITDA from continuing
operations
$
17.1
$
12.7
$
4.4
Operating margin from continuing
operations (%)
20.2
%
13.1
%
710
bps
Adjusted EBITDA margin from continuing
operations (%)
29.7
%
27.3
%
240
bps
Full Year
(In millions)
2024
2023
Change
Revenues
$
217.5
$
207.6
$
9.9
Operating income from continuing
operations
$
32.4
$
22.9
$
9.5
Adjusted EBITDA from continuing
operations
$
54.9
$
48.9
$
6.0
Operating margin from continuing
operations (%)
14.9
%
11.0
%
390
bps
Adjusted EBITDA margin from continuing
operations (%)
25.2
%
23.6
%
160
bps
MANAGEMENT COMMENTARY
“We delivered a strong finish to a historic year for NPK,”
stated Matthew Lanigan, President and CEO of NPK International.
“Through our third quarter 2024 divestiture, we streamlined our
business model to focus exclusively on site-access and specialty
rental solutions. We have also sharpened our commercial strategy
and completed the expansion of our commercial sales team, to
accelerate the penetration of higher-value growth opportunities.
This transformative shift positions us to further optimize our
return on invested capital through continued investments in organic
expansion, targeted investments in inorganic growth and our $50
million share repurchase authorization.
“Our nationwide sales coverage model and targeted focus on key
growth accounts has positioned us to prioritize higher-growth,
higher-value opportunities, consistent with our strategic focus.
Our team demonstrated strong execution on our commercial growth and
operational excellence initiatives throughout the year, a
performance that culminated in 12% year-over-year organic growth in
Adjusted EBITDA,” continued Lanigan. “Revenue growth and continued
cost discipline contributed to improved operating leverage,
resulting in 160 bps of Adjusted EBITDA margin expansion, when
compared to the prior year.
“We delivered an outstanding fourth quarter performance,”
continued Lanigan. “Fourth quarter revenue and Adjusted EBITDA
increased by 24% and 35%, respectively, as rental revenue reached a
new single-quarter record. Gross margin increased by nearly 500 bps
to a two-year high, supported by a more favorable sales mix, while
Adjusted EBITDA margin increased by 240 bps to 29.7%, when compared
to the prior year.
“During the fourth quarter, we launched our new brand identity,
NPK International, a leading worksite access solutions company
committed to providing best-in-class products and services to
support our customers critical infrastructure projects,” continued
Lanigan. “We continue to make progress with our industry
reclassification process and currently expect our new industry
classification to be finalized before our first quarter 2025
results conference call.
“Today, we are introducing financial guidance for the full-year
2025,” continued Lanigan. “We remain constructive on the long-term
outlook for utility and critical infrastructure spending, together
with our proven ability to deliver profitable growth through the
cycle. To that end, at the midpoint of our 2025 financial guidance,
we anticipate revenue and Adjusted EBITDA growth of 10% and 18%,
respectively, when compared to the full-year 2024. Our guidance
also assumes 2025 net capital expenditures of between $35 million
to $40 million, approximately 80% of which is expected to be
allocated toward the continued expansion of our rental fleet.
“Entering 2025, NPK is uniquely positioned to capitalize on both
favorable demand conditions within our utilities transmission and
critical infrastructure markets, along with increased adoption of
our next-generation composite matting technology,” continued
Lanigan. “We remain focused on accelerating our pace of organic
growth through geographic expansion, market share gains, and
capabilities expansion within our worksite access markets, while
continuing to drive efficiency improvements and cost optimization
across the organization, consistent with our long-term focus on
sustained value creation.”
BUSINESS UPDATE
NPK is engaged in a multi-year business transformation plan
designed to drive organic commercial growth within targeted,
higher-margin product and rental markets; improve asset
optimization and organizational efficiency; and pursue a capital
allocation strategy that prioritizes investments in opportunities
with superior return profiles, together with a programmatic return
of capital program.
Fourth quarter 2024 highlights include:
- Strong customer demand for matting rental and related
services. Revenues from specialty rental and related services
increased to a record $42 million in the fourth quarter, driven by
elevated demand from key customer accounts in support of scheduled
transmission projects. Revenues from product sales also increased
to $16 million for the fourth quarter of 2024, reflecting typical
quarterly fluctuations in order and delivery timing.
- Improved operating efficiency. NPK remains focused on
efficiency improvements and operating cost optimization across
every aspect of its business. The Company continues to evaluate and
execute actions intended to streamline the organization and its
cost structure, while targeting SG&A as percentage of revenue
in the mid-teens percent range by early 2026. In the fourth quarter
of 2024, NPK’s SG&A as percentage of revenue was 18.6%, a
decline of nearly 350 bps versus the prior year period.
- Robust return of capital program. In February 2024, the
Board of Directors increased the authorization for repurchases of
common stock up to $50.0 million. No share repurchases were made in
2024 due to trading blackout restrictions associated with the
Fluids Systems sale process that was completed in September 2024,
along with other events.
- New brand identity. During the fourth quarter of 2024,
the Company announced a name change from Newpark Resources (NYSE:
NR) to NPK International (NYSE: NPKI). On December 19, 2024, the
Company’s common stock began trading on the NYSE under the ticker
symbol ‘NPKI’.
FINANCIAL PERFORMANCE
In the fourth quarter of 2024, NPK generated income from
continuing operations of $8.0 million, or $0.09 per diluted share,
on total revenue of $57.5 million, compared to income from
continuing operations of $5.2 million, or $0.06 per diluted share,
on total revenue of $46.5 million, in the prior year period. Income
from continuing operations for the fourth quarter of 2024 includes
an income tax benefit of $1.3 million primarily reflecting the
release of valuation allowances on U.S. state net operating losses
following the sale of the Fluids Systems business. Gross margin was
39.2% in the fourth quarter 2024, compared to 34.2% in the fourth
quarter of 2023. The Company reported Adjusted EBITDA from
Continuing Operations of $17.1 million in the fourth quarter of
2024, or 29.7% of total revenue, compared to $12.7 million, or
27.3% of total revenue, in the fourth quarter of 2023.
Selling, general and administrative expenses were $10.7 million
(18.6% of revenues) in the fourth quarter of 2024, compared to
$10.2 million (22.1% of revenues) in the prior year period. For the
full year 2024, selling, general and administrative expenses were
$46.0 million (21.2% of revenues), compared to $51.1 million
(24.6%) in the prior year.
BALANCE SHEET AND LIQUIDITY
As of December 31, 2024, NPK had total cash of $18 million,
total debt of $8 million, and available liquidity under its U.S.
ABL credit facility of $66 million. Additionally, the Company had
$18 million of receivables and net deferred consideration from the
Fluids Systems sale as of December 31, 2024.
Operating cash flow used $4 million in the fourth quarter of
2024, which included $20 million usage in net working capital
driven by the elevated business activity. Capital investments used
$12 million, net, primarily funding the expansion of the mat rental
fleet to support increased fourth quarter customer demand. The
Company reduced debt outstanding by $6 million in the fourth
quarter and remained in a net cash positive position as of December
31, 2024.
FINANCIAL GUIDANCE
The following forward-looking guidance reflects the Company’s
current expectations and beliefs as of February 26, 2025 and is
subject to change. The following statements apply only as of the
date of this disclosure and are expressly qualified in their
entirety by the cautionary statements included elsewhere in this
document.
For the full year 2025, NPK currently anticipates the
following:
- Revenues in a range of $230 million to $250 million
- Adjusted EBITDA in a range of $60 million to $70 million
- Capital expenditures in a range of $35 million to $40
million
FOURTH QUARTER 2024 RESULTS CONFERENCE CALL
A conference call will be held Thursday, February 27, 2025 at
9:30 a.m. ET to review the Company’s financial results and conduct
a question-and-answer session.
A webcast of the conference call will be available in the
Investor Relations section of the Company’s website at
www.npki.com. Individuals can also participate by teleconference
dial-in. To listen to a live broadcast, go to the site at least 15
minutes prior to the scheduled start time in order to register,
download and install any necessary audio software.
To participate in the live teleconference:
Domestic Live:
800-245-3047
International Live:
203-518-9765
Conference ID:
NPKIQ424
To listen to a replay of the teleconference, which subsequently
will be available through March 6, 2025:
Domestic Replay:
800-839-5629
International Replay:
402-220-2556
ABOUT NPK INTERNATIONAL
NPK International Inc. is a temporary worksite access solutions
company that manufactures, sells, and rents recyclable composite
matting products, along with a full suite of services, including
planning, logistics, and site restoration. As a geographically
diversified company, the Company delivers superior quality and
reliability across critical infrastructure markets, including
electrical transmission and distribution, oil and gas exploration,
pipeline, renewable energy, petrochemical, construction, and other
industries. For more information, visit our website at
www.npki.com.
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. All statements other than statements of
historical facts are forward-looking statements. Words such as
“will,” “may,” “could,” “would,” “should,” “anticipates,”
“believes,” “estimates,” “expects,” “plans,” “intends,” “guidance,”
and similar expressions are intended to identify these
forward-looking statements but are not the exclusive means of
identifying them. These statements are not guarantees that our
expectations will prove to be correct and involve a number of
risks, uncertainties, and assumptions. Many factors, including
those discussed more fully elsewhere in this release and in
documents filed with the Securities and Exchange Commission by NPK,
particularly its Annual Report on Form 10-K, and its Quarterly
Reports on Form 10-Q, as well as others, could cause actual plans
or results to differ materially from those expressed in, or implied
by, these statements. These risk factors include, but are not
limited to, risks related to our recently completed sale of the
Fluids Systems business; our ability to generate organic growth;
economic and market conditions that may impact our customers’
future spending; the effective management of our fleet, including
our ability to properly manufacture, safeguard, and maintain our
fleet; international operations; operating hazards present in our
and our customers’ industries and substantial liability claims; our
contracts that can be terminated or downsized by our customers
without penalty; our product offering and market expansion; our
ability to attract, retain, and develop qualified leaders, key
employees, and skilled personnel; expanding our services in the
utilities sector, which may require unionized labor; the price and
availability of raw materials; inflation; capital investments and
business acquisitions; market competition; technological
developments and intellectual property; severe weather, natural
disasters, and seasonality; public health crises, epidemics, and
pandemics; our cost and continued availability of borrowed funds,
including noncompliance with debt covenants; environmental laws and
regulations; legal compliance; the inherent limitations of
insurance coverage; income taxes; cybersecurity incidents or
business system disruptions; activist stockholders that may attempt
to effect changes at our Company or acquire control over our
Company; share repurchases; and our amended and restated bylaws,
which could limit our stockholders’ ability to obtain what such
stockholders believe to be a favorable judicial forum for disputes
with us or our directors, officers or other employees. We assume no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by securities laws. NPK’s filings with the Securities and
Exchange Commission can be obtained at no charge at www.sec.gov, as
well as through our website at www.npki.com.
NPK International Inc. Condensed
Consolidated Statements of Operations (Unaudited)
Three Months Ended
Twelve Months Ended
(In thousands, except per share data)
December 31,
2024
September 30,
2024
December 31,
2023
December 31,
2024
December 31,
2023
Revenues
$
57,524
$
44,207
$
46,455
$
217,489
$
207,648
Cost of revenues
35,001
32,067
30,566
140,359
135,094
Selling, general and administrative
expenses
10,713
11,005
10,249
46,048
51,083
Other operating (income) loss, net
166
(99
)
(437
)
(1,269
)
(1,469
)
Operating income from continuing
operations
11,644
1,234
6,077
32,351
22,940
Foreign currency exchange (gain) loss
699
(562
)
(717
)
869
(889
)
Interest expense, net
9
943
953
2,621
4,107
Income from continuing operations before
income taxes
10,936
853
5,841
28,861
19,722
Provision (benefit) for income taxes from
continuing operations (1)
2,888
(14,016
)
673
(6,738
)
5,573
Income from continuing operations
8,048
14,869
5,168
35,599
14,149
Discontinued operations:
Income (loss) from discontinued operations
before income taxes
(712
)
629
(3,893
)
4,360
5,460
Loss on sale of discontinued operations
before income taxes
—
(195,729
)
—
(195,729
)
—
Provision (benefit) for income taxes from
discontinued operations
(1,367
)
(5,933
)
1,751
(5,508
)
5,093
Income (loss) from discontinued
operations
655
(189,167
)
(5,644
)
(185,861
)
367
Net income (loss)
$
8,703
$
(174,298
)
$
(476
)
$
(150,262
)
$
14,516
Income (loss) per common share -
basic:
Income from continuing operations
$
0.09
$
0.17
$
0.06
$
0.41
$
0.16
Income (loss) from discontinued
operations
0.01
(2.19
)
(0.07
)
(2.17
)
—
Net income (loss)
$
0.10
$
(2.02
)
$
(0.01
)
$
(1.75
)
$
0.17
Income (loss) per common share -
diluted:
Income from continuing operations
$
0.09
$
0.17
$
0.06
$
0.41
$
0.16
Income (loss) from discontinued
operations
0.01
(2.16
)
(0.06
)
(2.13
)
—
Net income (loss)
$
0.10
$
(1.99
)
$
(0.01
)
$
(1.72
)
$
0.16
Weighted average shares:
Basic
86,416
86,377
85,003
85,819
86,401
Diluted
87,222
87,490
87,228
87,395
88,315
(1) Includes an income tax benefit of $1.3
million and $15.9 million for the three months and twelve months
ended December 31, 2024, respectively, primarily reflecting the
release of valuation allowances on U.S. federal and state net
operating losses and other tax credit carryforwards following the
sale of the Fluids Systems business. The three months ended
September 30, 2024 includes $14.6 million related to such
items.
NPK International Inc. Operating
Results (Unaudited)
Three Months Ended
Twelve Months Ended
(In thousands)
December 31,
2024
September 30,
2024
December 31,
2023
December 31,
2024
December 31,
2023
Revenues
Rental and service revenues
$
41,800
$
32,408
$
35,580
$
145,785
$
149,954
Product sales revenues
15,724
11,799
10,875
71,704
57,694
Total revenues
$
57,524
$
44,207
$
46,455
$
217,489
$
207,648
Operating income from continuing
operations
$
11,644
$
1,234
$
6,077
$
32,351
$
22,940
Operating margin from continuing
operations
20.2
%
2.8
%
13.1
%
14.9
%
11.0
%
NPK International Inc. Condensed
Consolidated Balance Sheets (Unaudited)
(In thousands, except share data)
December 31,
2024
December 31,
2023
ASSETS
Cash and cash equivalents
$
17,756
$
789
Receivables, net (1)
74,841
42,818
Inventories
14,659
18,606
Prepaid expenses and other current
assets
5,728
4,690
Current assets of discontinued
operations
—
290,321
Total current assets
112,984
357,224
Property, plant and equipment, net
187,483
165,544
Operating lease assets
11,793
11,192
Goodwill
47,222
47,283
Other intangible assets, net
10,331
12,461
Deferred tax assets
15,593
1,367
Other assets
8,276
1,582
Noncurrent assets of discontinued
operations
—
45,683
Total assets
$
393,682
$
642,336
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current debt
$
2,900
$
6,319
Accounts payable
19,459
16,345
Accrued liabilities
22,300
21,026
Current liabilities of discontinued
operations
—
92,594
Total current liabilities
44,659
136,284
Long-term debt, less current portion
4,827
55,710
Noncurrent operating lease liabilities
10,896
10,713
Deferred tax liabilities
1,203
3,697
Other noncurrent liabilities
5,602
4,191
Noncurrent liabilities of discontinued
operations
—
16,377
Total liabilities
67,187
226,972
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
633,239
639,645
Accumulated other comprehensive loss
(2,871
)
(62,839
)
Retained earnings (deficit)
(139,466
)
10,773
Treasury stock, at cost (25,114,978 and
26,471,738 shares, respectively)
(165,524
)
(173,332
)
Total stockholders’ equity
326,495
415,364
Total liabilities and stockholders’
equity
$
393,682
$
642,336
(1) Receivables, net as of December 31,
2024, includes $23 million for amounts due from the purchaser
including estimated deferred consideration related to the sale of
the Fluids Systems business.
NPK International Inc. Condensed
Consolidated Statements of Cash Flows (Unaudited)
Twelve Months Ended
December 31,
(In thousands)
2024
2023
Cash flows from operating
activities:
Net income (loss)
$
(150,262
)
$
14,516
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operations:
Loss on divestitures
195,729
—
Impairments and other non-cash charges
—
6,356
Depreciation and amortization
27,530
31,372
Stock-based compensation expense
5,247
6,638
Provision for deferred income taxes
(20,304
)
(482
)
Credit loss expense
698
1,209
Gain on sale of assets
(4,297
)
(2,904
)
Gain on insurance recovery
(874
)
—
Amortization of original issue discount
and debt issuance costs
983
541
Change in assets and liabilities:
(Increase) decrease in receivables
(28,012
)
64,812
Decrease in inventories
9,746
2,256
(Increase) decrease in other assets
(3,913
)
307
Increase (decrease) in accounts
payable
12,488
(25,065
)
Increase (decrease) in accrued liabilities
and other
(6,590
)
445
Net cash provided by operating
activities
38,169
100,001
Cash flows from investing
activities:
Capital expenditures
(43,531
)
(29,232
)
Proceeds from divestitures, net of cash
disposed
48,499
19,833
Proceeds from sale of property, plant and
equipment
4,997
3,709
Proceeds from insurance property claim
1,385
—
Other investing activities
(3,089
)
—
Net cash provided by (used in)
investing activities
8,261
(5,690
)
Cash flows from financing
activities:
Borrowings on lines of credit
177,541
241,873
Payments on lines of credit
(224,292
)
(277,591
)
Debt issuance costs
(50
)
—
Purchases of treasury stock
(4,505
)
(34,265
)
Proceeds from employee stock plans
139
606
Other financing activities
(15,715
)
(11,670
)
Net cash used in financing
activities
(66,882
)
(81,047
)
Effect of exchange rate changes on
cash
(212
)
576
Net increase (decrease) in cash, cash
equivalents, and restricted cash
(20,664
)
13,840
Cash, cash equivalents, and restricted
cash at beginning of period
38,901
25,061
Cash, cash equivalents, and restricted
cash at end of period
$
18,237
$
38,901
NPK International Inc. Non-GAAP
Reconciliations (Unaudited)
To help understand the Company’s financial
performance, the Company has supplemented its financial results
that it provides in accordance with generally accepted accounting
principles (“GAAP”) with non-GAAP financial measures. Such
financial measures include Adjusted Income (Loss) from Continuing
Operations, Adjusted Income (Loss) from Continuing Operations Per
Common Share, earnings before interest, taxes, depreciation and
amortization (“EBITDA”) from Continuing Operations, Adjusted EBITDA
from Continuing Operations, Adjusted EBITDA Margin from Continuing
Operations, and Free Cash Flow.
We believe these non-GAAP financial
measures are frequently used by investors, securities analysts and
other parties in the evaluation of our performance and liquidity
with that of other companies in our industry. Management uses these
measures to evaluate our operating performance, liquidity and
capital structure. In addition, our incentive compensation plan
measures performance based on our consolidated EBITDA, along with
other factors. The methods we use to produce these non-GAAP
financial measures may differ from methods used by other companies.
These measures should be considered in addition to, not as a
substitute for, financial measures prepared in accordance with
GAAP.
Adjusted Income (Loss) from Continuing
Operations and Adjusted Income (Loss) from Continuing Operations
Per Common Share
The following tables reconcile the
Company’s income from continuing operations and income from
continuing operations per common share calculated in accordance
with GAAP to the non-GAAP financial measures of Adjusted Net Income
from Continuing Operations and Adjusted Net Income from Continuing
Operations Per Common Share:
Consolidated
Three Months Ended
Twelve Months Ended
(In thousands)
December 31,
2024
September 30,
2024
December 31,
2023
December 31,
2024
December 31,
2023
Income from continuing operations
(GAAP)
$
8,048
$
14,869
$
5,168
$
35,599
$
14,149
Gain on insurance recovery
—
—
—
(67
)
—
Gain on legal settlement
—
—
—
(550
)
—
Severance costs
416
113
—
1,337
1,487
Tax on adjustments
(87
)
(24
)
—
(151
)
(312
)
Unusual tax items (1)
(1,280
)
(14,617
)
—
(15,897
)
—
Adjusted Income from Continuing
Operations (non-GAAP)
$
7,097
$
341
$
5,168
$
20,271
$
15,324
Adjusted Income from Continuing
Operations (non-GAAP)
$
7,097
$
341
$
5,168
$
20,271
$
15,324
Weighted average common shares outstanding
- basic
86,416
86,377
85,003
85,819
86,401
Dilutive effect of stock options and
restricted stock awards
806
1,113
2,225
1,576
1,914
Weighted average common shares outstanding
- diluted
87,222
87,490
87,228
87,395
88,315
Adjusted Income from Continuing
Operations Per Common Share - Diluted (non-GAAP):
$
0.08
$
—
$
0.06
$
0.23
$
0.17
(1) Unusual tax items for the three months
ended December 31, 2024 and September 30, 2024 primarily reflects
the release of valuation allowances on U.S. federal and state net
operating losses and other tax credit carryforwards that are now
expected to be realized following the sale of the Fluids Systems
business.
NPK International Inc. Non-GAAP
Reconciliations (Continued) (Unaudited)
EBITDA from Continuing Operations,
Adjusted EBITDA from Continuing Operations, and Adjusted EBITDA
Margin from Continuing Operations
The following table reconciles the
Company’s income from continuing operations calculated in
accordance with GAAP to the non-GAAP financial measures of EBITDA
from Continuing Operations, Adjusted EBITDA from Continuing
Operations, and Adjusted EBITDA Margin from Continuing
Operations:
Consolidated
Three Months Ended
Twelve Months Ended
(In thousands)
December 31,
2024
September 30,
2024
December 31,
2023
December 31,
2024
December 31,
2023
Revenues
$
57,524
$
44,207
$
46,455
$
217,489
$
207,648
Operating income from continuing
operations (GAAP)
$
11,644
$
1,234
$
6,077
$
32,351
$
22,940
Income from continuing operations
(GAAP)
$
8,048
$
14,869
$
5,168
$
35,599
$
14,149
Interest expense, net
9
943
953
2,621
4,107
Provision (benefit) for income taxes
2,888
(14,016
)
673
(6,738
)
5,573
Depreciation and amortization
5,724
5,592
5,908
22,656
23,596
EBITDA from Continuing Operations
(non-GAAP)
16,669
7,388
12,702
54,138
47,425
Gain on insurance recovery
—
—
—
(67
)
—
Gain on legal settlement
—
—
—
(550
)
—
Severance costs
416
113
—
1,337
1,487
Adjusted EBITDA from Continuing
Operations (non-GAAP)
$
17,085
$
7,501
$
12,702
$
54,858
$
48,912
Operating Margin (GAAP)
20.2
%
2.8
%
13.1
%
14.9
%
11.0
%
Adjusted EBITDA Margin from Continuing
Operations (non-GAAP)
29.7
%
17.0
%
27.3
%
25.2
%
23.6
%
Free Cash Flow
The following table reconciles the
Company’s net cash provided by (used in) operating activities
calculated in accordance with GAAP to the non-GAAP financial
measure of Free Cash Flow:
Consolidated
Three Months Ended
Twelve Months Ended
(In thousands)
December 31,
2024
September 30,
2024
December 31,
2023
December 31,
2024
December 31,
2023
Net cash provided by (used in)
operating activities (GAAP)
$
(4,127
)
$
2,765
$
36,159
$
38,169
$
100,001
Capital expenditures
(13,591
)
(9,472
)
(9,098
)
(43,531
)
(29,232
)
Proceeds from sale of property, plant and
equipment
1,809
1,146
757
4,997
3,709
Free Cash Flow (non-GAAP)
$
(15,909
)
$
(5,561
)
$
27,818
$
(365
)
$
74,478
NPK International Inc. Non-GAAP
Reconciliations (Continued) (Unaudited)
Trailing Twelve Months
(“TTM”)
Consolidated
Three Months Ended
TTM
(In thousands)
March 31,
2024
June 30,
2024
September 30,
2024
December 31,
2024
December 31,
2024
Revenues
$
48,967
$
66,791
$
44,207
$
57,524
$
217,489
Operating income from continuing
operations (GAAP)
$
6,966
$
12,507
$
1,234
$
11,644
$
32,351
Income from Continuing Operations
(GAAP)
$
4,054
$
8,628
$
14,869
$
8,048
$
35,599
Interest expense, net
760
909
943
9
2,621
Provision (benefit) for income taxes
1,907
2,483
(14,016
)
2,888
(6,738
)
Depreciation and amortization
5,666
5,674
5,592
5,724
22,656
EBITDA from Continuing Operations
(non-GAAP)
12,387
17,694
7,388
16,669
54,138
Gain on insurance recovery
(67
)
—
—
—
(67
)
Gain on legal settlement
(550
)
—
—
—
(550
)
Severance costs
633
175
113
416
1,337
Adjusted EBITDA from Continuing
Operations (non-GAAP)
$
12,403
$
17,869
$
7,501
$
17,085
$
54,858
Operating Margin (GAAP)
14.2
%
18.7
%
2.8
%
20.2
%
14.9
%
Adjusted EBITDA Margin from Continuing
Operations (non-GAAP)
25.3
%
26.8
%
17.0
%
29.7
%
25.2
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250226812736/en/
INVESTOR RELATIONS CONTACT Noel Ryan or Paul Bartolai
Investors@npki.com
NPK (NYSE:NPKI)
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