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KLX ENERGY SERVICES REPORTS FINANCIAL RESULTS
FOR SECOND QUARTER ENDED JULY 31, 2019; UPDATES GUIDANCE
WELLINGTON, FL, August 21, 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 second fiscal quarter ended July 31, 2019 financial results.
On a GAAP basis, for the three month period ended July 31, 2019, as compared to the first quarter of 2019, revenues increased 13.1 percent to $164.9 million. Organic revenue growth was approximately 8 percent. GAAP net earnings of $3.5 million and net earnings per diluted share of $0.16, increased $8.5 million and $0.40 per share, respectively, as compared to the first quarter of 2019.
Amin J. Khoury, Chairman and Chief Executive Officer of KLX Energy Services commented, Second quarter 2019 revenues were up approximately 13 percent as compared to the first quarter of 2019 and were up approximately 40 percent as compared to the same period in the prior year. Our Rocky Mountains and Northeast/Mid-Con segments delivered sequential quarterly revenue growth of approximately 31 percent and 23 percent, respectively, while our Southwest segment revenues declined approximately 8 percent.
Mr. Khoury continued, Our second quarter 2019 performance reflected lower activity levels and reduced capital spending by Exploration and Production companies, almost all of which intensified their focus on capital discipline in order to generate free cash flow. Additionally, severe weather conditions in the Mid-Con, including severe flooding, which led to impassable roads and highways, began in the month of May and persisted through June, resulting in a significant decline in activity in the Mid-Con until the second half of the quarter (mid-June through the end of July).
SECOND QUARTER HIGHLIGHTS
· Revenues were $164.9 million, up 13.1 percent as compared to the first quarter of 2019
· Operating earnings were $11.0 million, or 6.7 percent of revenues, an increase of $8.6 million, or 358.3 percent
· Adjusted EBITDA was $32.1 million, or 19.5 percent of revenues, reflecting increases of $10.4 million and 460 basis points, respectively, as compared to the first quarter of 2019(1)
· Adjusted Net Earnings and Adjusted Net Earnings per diluted share were $9.2 million and $0.41 per diluted share, reflecting increases of $8.9 million and $0.40 per diluted share,
The following information was filed by Klx Energy Services Holdings, Inc. (KLXE) on Wednesday, August 21, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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