Klx Energy Services Holdings Inc. (NASDAQ: KLXE) stock soared by 1.59% at the last close while the KLXE stock price tends to fall by 9.39% in the after-market trading session. There is no recent news hitting the media regarding the up and down in KLXE share price. KLXE is a fast-growing supplier of diverse oilfield services to major onshore oil and natural gas exploration and production firms in both conventional and unconventional fields around the United States operating major basins.
Recent Past Development
On April 15, 2021, KLXE announced its fourth-quarter 2021 financial results. Given below is the summary:
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- Revenue rose by $15.9 million, or 22.4 percent, from the fiscal third quarter of 2020 to $86.8 million. Drilling and completions, and to a lesser degree, development and operation operations, improved in the fiscal fourth quarter relative to the fiscal third quarter, resulting in a rise in sales.
- The net loss for the fiscal fourth quarter of 2020 was $30.5 million, down $7.8 million or 20.4 percent from the previous quarter.
- Adjusted EBITDA loss for the fourth quarter of 2021 was $2.6 million, up to $2.8 million from the fiscal third quarter of 2020.
- KLXE had $47.1 million in assets and $82.0 million in gross liquidity at the end of the fiscal fourth quarter.
- As of April 2021, the QES acquisition has been effectively integrated, with at least $46.0 million in cost synergies completely achieved.
Chris Baker, President, and CEO of KLXE, commented:
Despite the overhanging problems caused by COVID-19, they saw broad-based macroeconomic growth in their fiscal fourth quarter, which improved all of their business lines and is directly mirrored in the financial results.
He also mentioned that they are happy to say that their activities were effectively integrated ahead of time following the QES merger. After completing the closing of their Florida legacy corporate headquarters and the transfer of all main functions to Houston in the third quarter, they focused their efforts in the fourth quarter on removing redundancies and duplicative tasks around their activities.