Shares of Newpark Resources (NYSE: NR) fell 7.11% in trading on Wednesday, despite the company reporting better-than-expected earnings and revenue for the second quarter of 2024.
The energy services company reported adjusted earnings per share of $0.12, surpassing the analyst consensus estimate of $0.08. Additionally, Newpark Resources posted revenue of $179.009 million, beating the analyst consensus estimate of $169.328 million by 5.72%.
However, the company's revenue declined by 2.32% compared to the same period last year, which may have contributed to the stock's sell-off. Despite the earnings beat, investors may have been concerned about the year-over-year revenue decline, potentially indicating challenges in the company's business environment or operations.
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