NPK International Inc. reported a revenue increase of 5% for the fiscal year ending December 31, 2024, totaling $217.5 million, compared to $207.6 million in 2023. The growth was primarily driven by a 24% rise in product sales, which reached $71.7 million, while rental and service revenues decreased by 3% to $145.8 million. The company’s operating income from continuing operations rose significantly by 41% to $32.4 million, up from $22.9 million in the previous year. However, the overall net income reflected a loss of $150.3 million, largely due to a $195.7 million loss on the sale of its Fluids Systems segment, which was completed in September 2024.
The sale of the Fluids Systems business, which historically contributed a significant portion of revenue, marked a strategic shift for NPK. The transaction, valued at approximately $88.2 million, was aimed at simplifying the company’s operations and enhancing profitability by focusing on its core rental and service offerings. Following the sale, NPK rebranded itself and began trading under the ticker symbol “NPKI” on the New York Stock Exchange as of December 19, 2024. The company ended the year with a strong balance sheet, reporting total cash of $17.8 million and total debt of $7.7 million.
Operationally, NPK International employed approximately 460 personnel, with 410 based in the United States and 50 in the United Kingdom. The company generated 94% of its revenues domestically, with 67% of its rental and service revenues coming from its top 20 customers, the largest of which accounted for 19% of total revenues. The company’s rental fleet was expanded by 11% in 2024, contributing to a 7% increase in rental revenues, despite a decline in service revenues attributed to reduced service requirements in customer projects.
Looking ahead, NPK International aims to continue its focus on organic growth, particularly in the utilities sector, which is expected to see increased demand due to infrastructure investments. The company plans to allocate approximately $35 million to $40 million in capital expenditures in 2025, primarily for expanding its mat rental fleet. NPK anticipates that its cash on hand, along with cash generated from operations and available liquidity under its asset-based revolving credit facility, will be sufficient to support its operational needs and strategic initiatives over the next year.
About NPK International Inc.
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