KLX Energy Services Holdings, Inc. (KLXE) saw a push of 3.94% in the premarket. However, the last trading session closed at $4.57 with an increase of 0.66%.
KLXE reported Second Quarter 2021 Financial results
KLXE announced second-quarter 2021 financial results on 9th September 2021. According to the report:
- Revenue of $111.9 million in the fiscal second quarter of 2021 was more than $21.1 million over the fiscal first quarter.
- During the fiscal year 2021, revenue increased every month.
- The net loss for the fiscal second quarter of 2021 was $25.0 million, down 32.1 percent from the first quarter’s net loss of $36.8 million.
- During the fiscal second quarter of 2021, KLXE fully implemented an additional $4.4 million in annualized cost reductions.
The complete quarterly effect of the annualized $46.0 million in synergies benefitted the cost structure for the first time in the fiscal second quarter of 2021. KLXE merged corporate offices in Houston, Texas, in the first quarter of fiscal 2021. Not only this but it recognized an estimated $4.4 million in additional annualized fixed cost savings related to headcount, facilities, managerial modification, and a reduction in the management board from nine to seven directors.
Fiscal First Quarter 2021 Results
KLXE reported fiscal first-quarter 2021 results on 9th June 2021. The report states that:
- Revenue of $90.8 million in the fiscal first quarter of 2021 is more than $4.0 million recorded in the fiscal fourth quarter of 2020.
- The net loss in the fiscal first quarter of 2021 was $36.8 million, compared to $30.5 million in the fiscal fourth quarter of 2020.
The company has earlier reported that $46.0 million in yearly merger synergies had been successfully implemented. The selling, general, and administration expenditure dropped by 8.6%, or $1.4 million. Lastly, the cost structure will get benefit from the full quarterly effect of the $46.0 million.
Fiscal Third Quarter 2020 Results
On 7th December 2020, KLXE stated the fiscal third quarter 2020 results.
- On a pro forma basis, revenue grew 30.1 percent from the second fiscal quarter of 2020.
- The company had $79.8 million in cash and $106.2 million in total liquidity at the end of the fiscal third quarter.
- Actions have been completed to achieve the $40.0 million yearly run-rate cost synergies that were originally announced.
- KLXE successfully relocated its corporate headquarters to Houston, Texas, and shuttered its Wellington, Florida offices.
- To further improve and simplify the cost structure, the company combined 13 facilities throughout the operating platform.
- Estimated capture by the fiscal second quarter of 2021 of about $6.0 million in incremental efficiencies.
