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NEW YORK -On Thursday, Nine Energy Service, Inc. (NYSE:NINE) reported fourth quarter 2024 financial results that exceeded revenue expectations, while providing first quarter 2025 guidance largely in line with analyst estimates.
Nine Energy’s stock was unchanged in premarket trading following the earnings release.
The oilfield services company posted fourth quarter revenue of $141.4 million, surpassing the consensus estimate of $134.7 million. However, adjusted earnings per share came in at ($0.22), missing expectations by $0.02.
Nine Energy’s fourth quarter revenue increased approximately 2% sequentially from the third quarter, despite a flat average U.S. rig count. The company highlighted strong performance in its cementing and completion tools segments, with cementing revenue up about 7% and completion tool revenue rising 6% quarter-over-quarter.
For the first quarter of 2025, Nine Energy expects revenue between $132 million and $142 million, compared to analyst estimates of $136 million.
"We had a good Q4 with revenue increasing sequentially, despite a flat average US rig count and typical Q4 seasonality," said Ann Fox, President and CEO of Nine Energy Service. She added that the company is "optimistic looking into 2025" as it continues to execute its strategy of market share gains and cost reductions.
The company ended 2024 with total liquidity of $52.1 million.
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