Stock Track | National Energy Services Reunited Corp. Soars 8.58% on Strong Q3 Results and Growth Prospects

Stock Track2024-11-19

National Energy Services Reunited Corp. (NESR), a leading provider of integrated energy services in the Middle East and North Africa (MENA) region, saw its stock soar 8.58% in pre-market trading on Tuesday, November 19, 2024.

The company reported impressive financial results for the third quarter of 2024, with revenue growing 12.0% year-over-year to $336.2 million and net income surging 40.0% year-over-year to $20.6 million. The strong performance was driven by increased activity in key markets like Saudi Arabia and Kuwait, as well as operational efficiencies and cost control measures.

Adjusted EBITDA, a non-GAAP measure, also showed robust growth, rising 12.9% year-over-year and 1.8% sequentially to $80.0 million. The company's cash flow metrics were equally impressive, with operating cash flow for the nine months ended September 30, 2024, improving 30.4% year-over-year to $183.1 million, and free cash flow increasing 38.1% year-over-year to $103.0 million.

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