NR - Earnings call 4 2023 | NPK International Inc.

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Operator

[Operator Instructions] Good morning. My name is Savannah, and I will be your conference operator today. At this time, I would like to welcome everyone to the Newpark Resources Fourth Quarter and Full Year 2023 Earnings Conference Call. This call is recorded and will be available for replay beginning at 12:30 p.m. Eastern. accessed (XXX) be (XXX) domestic can International. XXX-XXXX recording by XXX-XXXX dialing or The is pleasure and now floor It Instruction] [Operator my Gregg Senior Officer. over to Piontek, Vice Financial President Chief to the turn go Please ahead.

Greggg Piontek

you, Resources Quarter Newpark Thank to Call. Fourth I'd welcome XXXX like everyone operator. the Conference to

Joining Chief Officer. me Lanigan, and is President Matthew today our Executive

to differ projected handing in various to Matthew, financial statements. today's by to today's statements forward-looking with Except contains business risks over I'd and that those Before regarding risks due Actual obligation expectations. and uncertainties, forward-looking required our the the including significantly forward-looking as law, described statements no may our filed we undertake results discussion periodic reports in like to update from SEC. future highlight

certain today's measures. on call financial include also may non-GAAP comments Our

Additional on the details GAAP can are included directly release, corporate our financial our be website. measures comparable which and quarterly earnings to in found most reconciliations

XX, XXXX. we open with conclusion There CEO, webcast and and line will of website At our will the Please be And a like prepared that, to for remarks, information questions. be note to of call would current that the President disclosed at as our Relations within available our newpark.com. is the the call, section will it the today's I turn Investor February on over of call replay of Matthew today's by Lanigan.

Matthew Lanigan

strategy. focus at on high on everyone our also to team us welcome today's I'm fourth execute and joining the business our Gregg, multiyear while the excellence quarter, level share a you, Newpark transformation advancing pleased call. Thank continued operational to in maintaining to that

that drive growth operational in business; returns I'm priorities: focus our while on cash XXXX, excess improvements consistent the Industrial cash in business strong second, prioritizing say very first, maintaining We all on our pleased generation sheet shareholders. free of to evaluating entered efficiencies delivered our alternatives a with generation; finally, clear flow X. for in Solutions and XXXX to investment strategic and and Fluids balance a returning we to

Our improvements segment in industry XX% across growth year-on-year income Industrial a in adjusted increase increase and and included major solid which in sectors, a Solutions business service resulting XX% delivered operating revenues, in XX% all rental EBITDA.

owners. strengthen an within robustly key EEI projects, spent which annually average line recent billion to position continue years, the according grow asset to X transmission to projected is with per than market, more We the transmission our utilities of to next over year forecasted $XX of on survey be

disciplined business, actions, year divestitures within in contributed resulting Fluids For XX% international and assets strongest businesses a $XX our in net restructuring capital the full segment's since reduction XXXX. along million and net management a our the working our the adjusted in segment's performance return EBITDA to and improvement XXXX, with on balance the strong year-over-year sheet of

Notably, year-over-year $XXX our while in XX% Eastern million year-over-year delivered growth. growth, to a record our Canada Hemisphere delivered also XX% revenues revenue operations XXXX, of

prioritize capital XXXX. fleet increased to the of and markets. XX% As free to a delivered service $XX footprint flow of result, We and the million rental our multibillion-dollar to cash expansion our rental by serve in infrastructure continued Newpark

divest working that launched diligently to been business forward. have also Fluids process our a We and to move

of by reduced returned $XX to X.X finally, repurchase through our shareholders million And the shares. debt million we net million and $XX

business executed against a our Across XXXX. set the priorities for board for full up the stated solid year and XXXX, we

of share quarter. on income generated revenues $X.XX the now to $XXX per diluted $X net Turning of specifics million million. of or We fourth adjusted

sales adjusted expected non-matting-related service supply QX to permitting chain a this rental project impacted activities, EBITDA, reduced Within strong remained XX% due sources Industrial Solutions, levels, margins Combined while led local issues mix quarter with in line timing The revenues. segment deliveries. in quarters. highlighting shifts direct with adjusted business' customer revenues XX% to margin, across QX in again, late-quarter EBITDA and sequential despite decline reflecting shifts of returns to the maintain delivered a and fourth segment revenue million flexibility $XX

mentioned the longer-term with and continue served in despite we full year markets quarterly comments, remain penetrate ability my them. fluctuations, As to our outlook encouraged in our to

Consistent Fluid with in our the sequentially, primarily XX% business QX U.S. and anticipated commentary, revenues the the Systems pullback declined reflecting EMEA regions.

the EBITDA revenues, million $X margin. a adjusted segment lower and delivered X% the EBITDA of adjusted On

a Importantly, our the in Fluids ended capital capital, focus segment's the net million. reduction $XX million disciplined quarter to working management fourth which year team's on led working $XXX at

million free to Fluids's shareholders capital, million fourth open and generated the working of of return through quarter, in equity flow reduction for With we which million capital provided $XX repurchases debt the continued of market. in a the in our cash of reduction $X $XX meaningful a

$XX ratio. remarks. invested leverage expanding support our net $X project that, reflecting prepared I'll to million X.Xx also a primarily CapEx, our his turn of over to We rental additions We quarter to And of rental the million for late finished net the and with fleet year call with debt Gregg pipeline.

Greggg Piontek

begin for followed the update an on by of fourth segment our our outlook the my summary and remarks XXXX. quarter, Thanks, Matthew. I'll for consolidated with level results

of by Our reduction and to fourth capital of quarter generation, which our shareholders. cash provided rental was fleet, highlighted for flow return expansion strong further debt

activities lower our were previous shared product on revenues sales. stronger-than-expected call line U.S. Fluids Industrial in Solutions international from generally lower revenues and fourth customer our Fluids with markets, Total expectations in quarter quarterly with offsetting

quarter, for with was million rental revenue year-over-year $XX the XX% revenues segment more service service. Solutions and XX% Industrial quarter, in than fourth $XX Rental and from coming fourth an the The decline. was million

November early much throughout pronounced year but more a saw dry and customer we QX on hot activity the As steady we weather by in ended and utilization. improvement impacted conditions, stronger the call, was rental highlighted quarter our with

the prior with benefit very above combined from than weather was a of quarter strength the infrastructure dynamic typical favorable project robust, which as fleet levels. This exceptionally faced rental we XXXX the different fourth utility utilization of conditions, is in year, activity benefiting in drove

delays fluctuate projects, expected utility to fourth customers million tend of timing $XX customer Further, timing of which utilized the the budgets project other customer these as as shifted capital this the year remaining the of sales, $X didn't manifest on QX from based into to pattern elevated purchases year-over-year declined multiple customers million to historical Direct XXXX. quarter needs. sales for fulfill

slightly. all a service basis, reflecting have across revenues On year rental full product growth sales sectors, and were increased while XX%, major down

by profitability Industrial quarter, the segment the in representing quarter the impact the from remained generated operations. fourth as million of adjusted revenue million an $XX year's and decline increase XX% decline Solutions segment The $XX international from of segment divestitures, versus Fluid in U.S. reflected XX%. in a a land margin prior period, EBITDA year of $XXX offset last strong fourth by partially with million million $XX Systems

the contributed a reductions in the Our the quarter our APAC improved million in from Congo somewhat and region. in sequential fourth decline revenues of XX% primarily and Eastern Hemisphere by markets, result the On The QX increase Hemisphere Eastern several an XX%. the offset driven restart of or our Cypress $XX a QX. by European anticipated reflects activity Fluid results, in total revenues record Systems year-over-year basis,

which increased Canada to the reflects sequentially $XX Revenues improvement. quarter, XX% a fourth in XX% year-over-year from million

quarter. revenue of operations Our million fourth the contributed in $XX U.S.

market driven this as decline was in average sequential continued decline. the the by the notable U.S. as from Excluding revenue reflects in a softening activity, XX% a and year-over-year the XX% contribution rig The divestitures, well primarily service. the sequential decline

Segment U.S. effects are in operations. efficiency, sheet of strong U.S. was we in on the from resulting focus the softness, discipline cash With market X.X% the margin adjusted quarter. pricing our maintaining and fourth balance EBITDA

net reduced progress $XX a driving the in Fluid including the working we million the on, business Systems As U.S., Matthew $XX the working capital fourth efficiency. solid touched our in capital reduction in quarter, reflecting million by

year, represents As Systems million of the has of consisting net and net than assets more the inventory, of segment's business of the capital, the XX% $XXX end employed. which of primarily receivables working Fluid

expenses a SG&A of office the in basis $X.X in basis charges. to as recognize of debt SG&A and corporate million office expense impacts The $XX.X programs. was decreases of million is incentive overall of including the both on the decreased a million able tax of a were sequential not primarily in million quarter, the long-term tax and benefit on year-over-year modestly lower impairment were and $X.X expense. spending The fourth by fourth effect quarter we to rate Tax was for driven expense reflecting fourth corporate $X.X $X Interest the short-term balances. XXXX, the quarter effective million year-to-date. the from XX% performance-based sequential

our Adjusted EPS profitability, the of X% in fourth decline quarter, share partially $X.XX effects diluted of reflecting was in outstanding. compared fourth year, lower a to in the the quarter $X.XX shares last by per offset diluted

directed majority fleet. $X while quarter, CapEx, cash was to for flow of the our the Industrial used fourth our $XX again fund the with rental Solutions net for million expansion was Operating million once

million and used $XX We to debt repurchases. to fund also share $X reduce million

result $XX the generated year to free quarter, cash of full a full end million international flow flow receivable of EBITDA. million, million quarter. year, $XX We XX% increased collections stronger-than-anticipated year cash our fourth a As our of balance the conversion the the near in of free fourth cash in $XX bringing adjusted cash

Let's now the turn business outlook. to

markets respective the largely the opportunity unchanged. on view and Our remains

to growth Industrial a continue infrastructure plan. to critical our provide for spending, will and which strong fundamentals utility For see expect Solutions, we tailwind we multiyear support

growth sequential are rental timing of opportunities In service product in dependent we while the with sales, revenues. QX customer other and expect chain on and robust modest permitting, projects remains pleased upon we our supply And factors. the pipeline of terms outlook, of

we of anticipate $XX $XX million, million CapEx million segment to For million revenues total with to $XX Solutions in the the Solutions Industrial EBITDA Industrial adjusted XXXX, year to range million full million. $XXX of and $XX $XXX

of modestly revenue while U.S. digits, QX, high the in improve Canada term, Fluid quarter, on contributed which level. the from expect we mid-single international perform revenue to international at segment's expect in with Overall, softness. a continued the basis Hemisphere by adjusted revenue near margins continued somewhat remains Eastern In Systems, improve roughly market offset level, a challenged the our we business XX% Fluid somewhat to and outlook units, U.S. this to benefiting operations. Systems At the growth EBITDA segment sequential first toward in

segment. the fairly office process. conclude and in Meanwhile, interest with we Fluids line exit expense will Fluids our for we current tax process future, line rate for we as expense corporate anticipate remain in foreseeable remain rates advance expect the levels XXXX fairly with the the continue to strategic until to We

our dependent In XXXX expect capital investments we terms remain will of projected rate. rental net our allocations, growth revenue capital upon

growth Fluids shareholders inorganic cash return of or growth to repurchase continued share generation opportunities in investments our divestiture capital will Industrial expect liquidity the Solutions, primarily build be program. used programmatic our we organic to our Beyond for XXXX following through

over back remarks. Matthew call And the for his to concluding like with that, I'd to turn

Matthew Lanigan

Thanks, Gregg.

As efficient, build we with made business. ahead leave the progress continuing commercial drive XXXX XXXX, a to look growth competitive we've enterprise more to across I'm the pleased to and organic while

in Industrial again EBITDA longer-term Solutions optimistic margin for prospects delivered expansion our about growth global we once business. multibillion-dollar ongoing revenue, market, realization. worksite our the access year-over-year the in remain and With

In markets while and as customer highest return a global since strategic on on significant efficiency. the Fluid global changing continued overhead exemplary focus with and Systems, service profitability, laser proud U.S. structures international in our within maintaining navigate Fluids markets, working revenue support remain they the capabilities segment international offsetting total net deliver enhancing land assets capital operations in landscape, continue business I to safety, growth and the year-over-year operations Fluids our XXXX. U.S. of streamlining to declines delivering and

clear. Our expand of our we're manufacturer unique our position the composite higher-growth business, XXXX priorities share our a Within existing vertically Industrial as to markets. gains within our footprint, regional geographic prioritizing a integrated are across fleet drive and expansion utilizing matting Solutions for U.S. within

as manage project balancing our will targets, revenues, that more our provide duration for mix towards and utilization and competitive projects we We larger, fleet continue our but stable longer to margin return pricing dynamics. more to pricing evolve carefully

quality, appearance our materials We of circular cementing will materials mix, also continue in without our costs and alternative further or optimizing recycled credentials design manufacturing and plastics capability usage raw products. impacting our to of expand the

the investment linear, permitting space in that comments. of energy transmission timing, factors While and within within referred the to within utility isn't considering my our bullish the opening remain business markets project multiyear volume demand new market, specifically this we given infrastructure I given on outlook, the and in spend in of this growth growth and pace

across the and experienced relationships we in as meaningful asset As we with believe partners, our and expand swings, will owners already construction the quarter. fourth this a in strong provide we quarter-to-quarter long-term country reduction volume their such growth

flexible, most to the our we and market, portfolio matting where believe We us the lightweight positioning durable includes solution compete. in win

to remains strategic our business, Systems pertains review Fluid track. on our it As

operations, international is Given the time-intensive. scope our diligence Fluids of

with progress around forward and Lazard at good making anticipate will process it the be concluded we're continue However, to partners our move to mid-XXXX.

capital Finally, expansion with balance capabilities. investing to of optimize respect fleet matting allocation, sheet our continue our while in to service we and the

closer scope becoming move pure-play our a solutions of that capabilities, markets customers a we a see with we towards adjacent proposition margin our existing within the opportunity acquirer enhance assets strategic incremental expansion unique become to As over business, path towards industrial of while supporting value time. evaluating

questions. their partnerships. safety want for to business, and and the compliance with And their commitment ongoing their the I customers closing, including employees for support, dedication In we'll that, call our our for to thank shareholders for open ongoing our their to

Operator

come first [Operator question Craig-Hallum. Instructions] And with from Aaron Spychalla our will

Aaron Spychalla

comp or projects? Have Industrial growth discuss quarter? a handful know a of And I quarters on past the Sounds broad-based chain, weather, as how on year-over-year just first more business, push-outs? tough supply that about with you those the few the think compared details permitting. me, for the just little some Was like pipeline in we XXXX? it but was today to a could maybe we sits had First project of for started then the give

Matthew Lanigan

on Yes. primarily the projects QX to really full caused X push which available it at that. scope was Hey, for being project, products the them the not specific of the end Aaron. the day. to steel Thanks, of was One related shift,

it utility year. moved now the and looks are that later to little timing, stands a like on for to projects its it other in As planning this

not yet it has So commenced.

The issue other caused to project permitting a issue local is still not was related that that permitting delay. resolved. that also And

necessarily in what X projects this not So issue, case. a call to I'd specific systemic related

teens at a year really rates, As in is confidence if we're look in that this call. volume underpinning the where to we this sort mid- high versus growth on quoted it last, of our pertains strong quote seeing are pipeline, we time to to referred we which the

Aaron Spychalla

appreciate mix just about margin year-over-year. they your in into and volume starts how a the thinking it's I the slightly Can with versus but where recycling year, guidance mid-XXs, especially grow maybe percentage little talk And the right about of price mix? And XXXX, bit factors a prices are? for then you're around looks down as that that how to lumber you as

Greggg Piontek

the then I'll to penetrate in we Yes. driven it. as But that XXXX, I'll Matthew be growth going start, think we that by see and the volume add so I to have was expansion market. much more

mentioned comments, As which different a projects, obviously at are intentionally pursuing longer-duration point. Matthew his come these in we some price of

bit gradually that You're utilization be the predictability probably price. to price projects. a kind I expect progress of we for trading as a of to movement kind longer-term little of and reduce there, make and big wouldn't year through progression

Matthew Lanigan

Yes.

it. got you think I

Aaron Spychalla

past. areas the decline But in are the quarters, in as And then quarter away drove one to for just didn't should know profitable past with that XQ little maybe still any just there from? relative be few we business want less explicitly to drive the fourth a I have Fluids more to guide on more, you about understand here? and you step the performance other from that Just -- the we how what thinking need

Greggg Piontek

we're Obviously, makeup of major way. in business the in or in changes overall No changes the business the process. midst the

the -- the to the and And taking so shift. mix to actions adjust do to continuing kind of organization really overall streamline that sense common

over with revenue we international our from shifted here as kind XX% thing now the the of pretty of has year, coming the is this past business. piece framed dramatically But up, of

I the major near any that. term, in that as see don't we think I changes look in So

have You continue market whole. greatest in of the general is be international continues where we dynamics market struggling to U.S. see -- the to market as a strength the a as

Operator

Our next Dayal H.C. from with Wainright. Smit question will come

Amit Dayal

our sort pipeline On the outlook? some by of Industrial that concrete that using outlook, we is just are Or you backlog? to give supported

Matthew Lanigan

Yes. driven. It's really pipeline

is typically look They quoting project be at year. We our I concept times the with now backlog harder in pipeline. are to start think quoted the tend activities this various for us. here and we volumes that a more business, just type throughout actively in are what on

forward looking teens just sort as of at of said driving I year-over-year growth in really to looking period-over-period, at volume it's which and conversion sort guidance. Aaron, we're So is those, pipeline changes volumes quoted stable and high fairly our is the rate on a which which

Greggg Piontek

on QX, that that as saw of Yes. those projects, we when And things just just in you have that, they because starts do we our control. find beyond timing dependent adding are firm to and slide some the projects orders even are locked-in other

Matthew Lanigan

Yes. things slid QX favor, in that, mean year, the I these year there we our about and in had interesting is this that a all the This strong And up thing lining quarter appears ago, be with couldn't really a they year. repeated. it

there -- swings it's are and roundabouts. So

Amit Dayal

that's the that or on rental business support mainly other going And the Industrial projects? is CapEx some segment, to the into going

Matthew Lanigan

are maintenance plant, is Yes. grow Primarily, expansion. to customers those forward -- focus fleet expansion look but it's in the to supporting some rental needs at primary space. continue as penetrate we fleet geographic new There look and the the on CapEx regions back

Greggg Piontek

of really roughly that here And fleet. CapEx this was that -- XX% rental of in round rough year driven that Yes. our numbers, by growth supporting

level in So to as the driver our of look going in business. CapEx -- the of fleet is the forward, we key rental be kind the that growth rate of

Amit Dayal

yet? on mean there should the getting sort I it that fluids of no the Lazard working on formal business, I some on interest. bids mean, business seems is assume -- then we And is potentially still

Greggg Piontek

we've launched through go September, details process, marketing and as frame Phase many process mentioned you comments, up we the as I'd the on as amount exactly previously. I, expect his That then naturally operations, Phase you diligence had as diligence, followed too and of kind breadth your is, into in complexities typical mentioned what the process he getting Without look a II at Yes. in can a of Matthew international reasonable the takes when the time. of phase where

having the expectation said get But seeing that, to 'XX of still wrapped. kind process substantially we're the midyear

Operator

question Tieton from Dezellem Capital. Bill our will with And next come

William Dezellem

that anticipate mentioned towards or you Do year? You had ratio XX% of that from CapEx directed your -- in rental expansion. fleet same was that this XXXX,

Greggg Piontek

that. Yes. major I in would changes not expect any

XX% of I think least expansion. the or be fleet of form CapEx have in at will you still our so

William Dezellem

geographic looking expand to are you what directionally, regions in? And

Matthew Lanigan

Yes, -- sort markets in the Midwest -- and really Southeast the focus. Bill, terms new in Southwest. well lot a opening and But the traditional nice activity, more some we in really as up, I a Midwest we see continued think growth within markets of our Northwest activity as are it's of of

William Dezellem

And referencing in have once you Midwest the and of what parts accomplished in? would be the you're then the still under-penetrated you country, Northwest

Matthew Lanigan

I'd know don't describe I under-penetrated. as it Yes,

I It's see we we think and going case can fairly set using to set the it's our really service activity sustained want area. those sustained logistics crews project-specific can we just of up to efficiently. do of there. move levels geographic more efficiently move is, permanent a level in efficiency to be we up, fairly as -- establishments versus really fleet areas activity a What

to now see activity they are to. move that as say what we is, where term we we're cover fleet the Another the as way we longer want more to that sustained presences have areas looking at for where to that established more we look country

William Dezellem

Understood.

So any out Midwest? just the in into the there once country or Northwest point this and get you not at that least at in you areas aren't are --

Matthew Lanigan

right. That's

William Dezellem

that size revenue possibility? population the really United I basis? if really How Does large and geographic to relate tied a the encompass just of more transmission revenue the about area. map of And the Or it with Midwest a at does equal these is lines? geography think States, Northwest to

Matthew Lanigan

interstate utilities That thing, going a I -- Yes, of support it actually it's then mean, it levels of more tie-in. but generally goals would supply Typically, renewable terms supply drive are -- spaces from of really what tie-ins just geographies. it's I kind of connections, alternative on related really an higher more is the -- demand. kind those Is project activity activity markets the is in tied upgrades? what to those that higher a those in in what's reliability renewable infrastructure in it's and Is perspective. the on think the to populations, going to

Greggg Piontek

Yes.

grid, some of an more et you of that aging a their infrastructure, for so think I issues, geographies issue need have to them some do therefore, the have cetera. with harden

William Dezellem

the active the our the installations are in what need most solar, geographies there, terms then in and Mississippi wind And specifically new that hardening grid in are renewables, of So perception is from second, west? correct of the Midwest basically most?

Matthew Lanigan

activity and really cetera. the on around think, a call where it I focus levels pertains Midwest of that space the our push Bill, project the see as out et activities, project area that renewable basis, into Yes. to supporting is in specifically tie-ins we the

I you've you we're be. where think as to called see out geographies going where the that's projects, those and

William Dezellem

where hardening, needed? grid that the And is most

Matthew Lanigan

regions I think the the and the seen, move particularly and Southwest that of Southeast of in as as we weather through extreme to hurricanes nature. got more exposure events, you've things where form you've

the its it, But across Gregg edge touched is at the grid generally, I age country outer the as limit. of of kind think on

the requirements to the a meet upgrade and here that needs. press capacity there's that reliability standards full-court to So society the

William Dezellem

totally one please. for you a detail rate more, us that, hinted at the more you direction please provide increase mat Would then perspective the on different what relative to quote And here. and business

Matthew Lanigan

time and look in marketplace, to We're there the of been seeing which as to expanding project need upgrade gives we've capturing we up their through that quotes year, in what's out in a asked into see quoting mean levels in volume we a infrastructure. the lining that this that that I is Sure. our are flow XX% up activity, see from in the of us the XX% to about you're systems, participate level of that point longer-term requests. we year-on-year, perspective which volume we're in the hearing confidence terms themes our and at budgets the look and that we of in at activity CapEx with talking demand the sort utilities, year-over-year, macro of

kind in we of less permitting What those the specific chain the supply is, to of be specific, predict. have call is alluded it becoming to or timing easy

hopefully, So after what covered that you're Bill.

Operator

from And Aaron with Spychalla follow-up Craig-Hallum. next, we have a

Aaron Spychalla

Yes.

of a me. for others Just couple

you free capital pieces cash that flow, the can you the you just a talk really benefits. from year mean, trending how maybe some in On strong about working see XXXX, there? I moving XXXX of had in

look we Just head how does that as into XXXX?

Greggg Piontek

Yes. The working capital overall revenue really -- benefit we the pretty that significant saw provided in driven. 'XX a -- and that's tailwind,

I have to sharp is that the growth against would fundamental see thing the you. cash a But year. that capital rate As a actually for solid working would would and what look absent you consume as that very that, I cash The do -- we flow is in revenues, work generation would model, XXXX, headwind strong one to say you work the see generation. if still that, flow a free free

in I QX, your had annual part you muted of would say, have impact we like, of, also certain expect because I a QX, incentive. would be payout to that somewhat QX. strong very

kind of well. So that as against works you

So the year. I but muted cash generation solid of flow in free QX, expect here kind would for a

Aaron Spychalla

And then one. one last maybe it. Got just

the performance proposition value On been the of has kind an maybe How there? launch, progress just update the is given that that the just XXX kind something And of uptake Series helps there. growth accelerate benefits? given on

Matthew Lanigan

we into on product Series, fleet. that Aaron, XXX our majority internal of have the the deployed Yes,

from transportation the own weight seeing we're lighter use. advantages in the internal So our fleet

that's expand wanted year and our do really, what kind customers to own of product then into put beyond. so, that to this to And to in and fleet work look we first to that

predicted performance really it's as with we weight of product track. DURA-BASE the I'd side. is a just So and product expected performing advantage all say The helping going on on transportation traditional the like that that's

Operator

to question-and-answer our closing would the Piontek back turn I Gregg time any for now to like That Mr. remarks. for conclude will the conference session.

Greggg Piontek

investors@newpark.com, That using forward out concludes at you with our speaking to us have you. any e-mail reach again questions, you Should call look please and we quarter. next our Thank to today.

Operator

your conference. Thank participation, may that And conclude will for you disconnect. today's you now and

NPK International (NPKI) 22 Feb 242023 Q4 Earnings call transcript