NCS Multistage Holdings, Inc. announced total revenues of $44.0 million for the third quarter ended September 30, 2024. This represents a 15% increase compared to $38.3 million reported in the third quarter of 2023. The growth was primarily driven by increases in international services revenues, U.S. product sales, and Canadian product sales and services.
The company reported a gross profit of $17.8 million, resulting in a gross margin of 41% for the third quarter of 2024, an improvement from 40% in the prior year. Adjusted EBITDA for the quarter was $7.1 million, an increase of $0.3 million compared to the same period a year ago. Net income for the quarter was $4.1 million, or $1.60 per diluted share, compared to $4.4 million, or $1.77 per diluted share, in the third quarter of 2023.
As of September 30, 2024, NCS maintained a strong financial position with $15.3 million in cash and a net cash position of $6.7 million. The company also had total liquidity exceeding $37 million, including its undrawn asset-based revolving credit facility. Management expects improved revenue performance in the fourth quarter of 2024 compared to 2023, though a sequential reduction of 5-15% is anticipated due to seasonal factors and industry efficiencies.
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