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NexTier Oilfield Solutions reported robust financial results for Q1 2023, with total revenue of $935.7 million, marking a 7% increase from Q4 2022. The net income surged to $254 million, or $1.07 per diluted share, boosted by a non-cash tax benefit of $107.4 million. Adjusted net income rose to $156.4 million, or $0.66 per diluted share. The company repurchased 5.9 million shares for $53.4 million in Q1 2023, totaling 17.4 million shares since the repurchase program began. Management expects continued revenue growth and strong demand for services in oil basins, forecasting a free cash flow of approximately $500 million for the year.
NexTier Oilfield Solutions announced plans to release its first quarter 2023 financial results on April 25, 2023, after market close. A conference call will follow on April 26, 2023, at 10:00 a.m. CT, hosted by CEO Robert Drummond and CFO Kenneth Pucheu. Investors can access the call via a live webcast or by phone. A replay will be available until May 3, 2023. The company emphasizes its commitment to innovation and efficiency as a leading U.S. land oilfield service provider.
NexTier Oilfield Solutions reported strong financial results for Q4 and full year 2022. Full year revenue reached $3.24 billion, up 128% year-over-year, with net income of $315 million ($1.26 per diluted share), compared to a net loss in 2021. In Q4, revenue was $870.9 million, down 3% sequentially, but net income increased to $133 million ($0.54 per diluted share). The company repurchased 11.5 million shares for $113 million in Q4 2022. Looking ahead, NexTier expects a revenue increase of at least 6% in Q1 2023 and aims for over $500 million in free cash flow for the year.