- 3m loss in fluids. I called it about a month ago. Too much fat on this Hawg
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Let's be clear on One Thing. At the 1st Q 2020 Minus 2% Operating Margin in the Fluids Division , they are NOT Selling Drilling and Completion Fluids, they are Giving Away the Product. AND MGT Plainly admits they can NOT get Corporate Overhead Below $6.8-7.0M per Quarter. Halliburton just Announced they Laid Off ANOTHER 1000 ( ONE THOUSAND ) Employees in the Houston Office TODAY.
Look down the line items: $3.6m for sales of plant, property and equip. Without this, you are looking at a $15m loss for q1. Secondly, nice $25m charge for Woodlands. Fluids NEGATIVE 1.7% net margin. Less receivables, more payables, more short and long term debt, less cash, declining sales and declining margins in mats. Wow, what a positive quarter! And no doubt, q2 will be MUCH worse.
No matter how PH spins it, changes are needed-starting at the top in Woodlands. They can’t spell profit, much less produce it.
That is a $2.3M Operating Income LOSS in Fluids Division. Before Corporate Expense,etc Mats, at least, did have positive Operating Income. Still,overall Horrible numbers with no end in sight. Can't wait to hear the array of Excuses.
Newpark shares have lost about 81.2% since the beginning of the year versus the S&P 500's decline of -12%.
And this Q will be as Bad or Worse.