Nine Energy Service, Inc. (NINE) stock soared 3.98% in the after-hours trading session at the price of $1.83 after publishing its financial results for the third quarter ended 30th September 2021. NINE is an oilfield services corporation that provides world-class resources and customized solutions to its customers.
NINE Stock Third Quarter 2021 Financial Results
On 3rd November 2021, NINE stock announced its financial results for the third quarter ended 30th September 2021, and provided corporate updates.
Management Comments
Chief Executive Officer of NINE stock, Ann Fox, remarked that their sequential revenue grew roughly 9% while EIA US completions raised 6% during the quarter. They were incapable of providing all expected wireline jobs due to their failure to field labor. They witnessed higher moderate activity, their US completions and active frac crews grew 5 to 6% during the period.
NINE Stock Financial Highlights
NINE stock reported revenues of $92.9 million for the third quarter of 2021. Gross profit was $3.5 million for the three months ended 30th September 2021. For the third quarter of 2021, the adjusted gross profit was $14.0 million, and the adjusted EBITDA was $4.5 million. During the third quarter of 2021, the company produced ROICE of (11) %. For third-quarter of 2021, net loss was $(16.1) million, or $(0.53) per share. The adjusted net loss was $(15.7) million, or $(0.51) per share, for the third quarter of 2021.
NINE stock reported selling, general, and administrative expenses of approximately $11.1 million for the third quarter of 2021. SG&A expenses were $12.2 million for the second quarter of 2021. For the third quarter ended 30th September 2021, depreciation and amortization expense was $11.0 million. D&A expenses were $11.5 million for the second quarter ended 30th June 2021. For the third quarter of 2021, tax provision was $41000 and $163000 year to date.
NINE stock reported net cash from operating activities of $(1.8) million in the third quarter of 2021. For the second quarter of 2021, net cash from operating activities was $(19.6) million. Capital expenditures were $2.1 million in the third quarter ended on 30th September 2021. Cash and cash equivalents were approximately $30.0 million as of 30th September 2021. As of 30th September 2021, the company had a total liquidity position of $85.4 million.
