Nine Energy Service Reports Q3 2024 Financial Results
Company Announcements

Nine Energy Service Reports Q3 2024 Financial Results

Nine Energy Service ( (NINE) ) has released its Q3 earnings. Here is a breakdown of the information Nine Energy Service presented to its investors.

Nine Energy Service, Inc. is a Houston-based oilfield services company that provides completion solutions to the oil and gas industry across North America and internationally, distinguishing itself through advanced technology and exceptional service execution.

In the third quarter of 2024, Nine Energy Service reported a revenue increase of approximately 4% quarter over quarter, achieving $138.2 million, despite a decline in the average U.S. rig count. The company’s cementing division significantly contributed to this growth with a 12% increase in revenue.

Key financial highlights include a narrowed net loss of $10.1 million, a 28% improvement from the previous quarter, and a substantial 47% increase in adjusted EBITDA, reaching $14.3 million. Despite flat revenue across other service lines, the company benefited from improved utilization, international tool sales, and cost-saving measures.

Looking ahead, Nine Energy Service anticipates a potential decline in revenue and profitability for the fourth quarter due to seasonal factors and expected decreases in international tool sales. However, the company remains optimistic about the demand for oil and natural gas in 2025, provided supportive commodity prices and refreshed customer budgets.

Overall, Nine Energy Service continues to leverage its strategic position and technological advancements to navigate market fluctuations, with an eye on enhancing profitability and capturing market share in key natural gas basins.

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