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KLX ENERGY SERVICES REPORTS FINANCIAL RESULTS FOR FULL YEAR AND FOURTH QUARTER ENDED JANUARY 31, 2019; CONFIRMS 2019 GUIDANCE
WELLINGTON, FL, March 12, 2019 KLX Energy Services Holdings, Inc. (KLX Energy Services or the Company) (NASDAQ: KLXE), a leading U.S. onshore provider of mission critical oilfield services, today reported its full fiscal year and fourth fiscal quarter ended January 31, 2019 financial results.
KLX Energy Services is recognized as a premium service provider of a broad range of services to top tier E&P operators. The Companys expanding footprint of high quality, differential equipment and highly competent personnel enables the Company to deliver best-in-class solutions across all major U.S. onshore geographic regions, and allows customers to simplify their operational planning and execution by sourcing from one provider.
During 2018, management completed the merger of the Aerospace Solutions business of KLX Inc. with The Boeing Company, the spin-off of the Energy Services business into an independent public company, the amendment of its $100 million asset based lending facility, the issuance of $250 million of senior secured notes due 2025 and the acquisition of Motley Services, LLC (Motley). The Company incurred approximately $30 million of one-time costs associated with these activities, approximately $2 million of which was incurred in the fourth quarter. The Company will therefore report both GAAP and adjusted financial results. The costs associated with the aforementioned activities are collectively referred to as Costs as Defined.
For the full year 2018, the Company delivered strong revenue growth of 54.5 percent as compared to the same period last year, driven primarily by a double-digit percentage increase in the number of new customers, a significant increase in the breadth of services provided to existing customers and the introduction of a number of new proprietary product service lines (PSLs). This resulted in a significant earnings turnaround, with the Company reporting GAAP operating earnings of $22.1 million, an increase of $46.1 million, and GAAP net earnings and net earnings per diluted share of $14.4 million and $0.71 per diluted share, increases of $38.5 million and $1.91 per share, respectively. Adjusted Net Earnings and Adjusted Net Earnings per diluted share were $56.8 million and $2.81 per diluted share, increases of $65.4 million and $3.24 per share, respectively, as compared to the prior year. In addition, the Company ended the year with approximately $164 million in cash, an undrawn $100 million credit facility and delivered a return on invested capital of 16 percent.
The following information was filed by Klx Energy Services Holdings, Inc. (KLXE) on Tuesday, March 12, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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