Newpark Resources Inc (NYSE:NR) Q2 2024 Results Conference Call August 6, 2024 9:30 AM ET
Company Participants
Gregg Piontek - Chief Financial Officer
Matthew Lanigan - Chief Executive Officer
Conference Call Participants
Aaron Spychalla - Craig Hallum
Amit Dayal - H.C. Wainwright
Alex Rygiel - B. Riley
Bill Dezellem - Tieton Capital
Operator
Good morning. My name is Jim, and I will be your conference operator today. At this time, I would like to welcome everyone to the Newpark Resources Second Quarter 2024 Earnings Conference Call. Today's call is being recorded and will be available for replay beginning at 12:30 p.m. Eastern. The recording can be accessed by dialing 888-219-1263 domestic or 402-220-4943 International.
All lines are currently muted. And after the prepared remarks, there will be a live question-and-answer session. [Operator Instructions]
It is now my pleasure to turn the floor over to Gregg Piontek, Chief Financial Officer of Newpark Resources. Please go ahead, sir.
Gregg Piontek
Thank you, operator. I'd like to welcome everyone to the Newport Resources second quarter 2024 conference call. Joining me today is Matthew Lanigan, our President and Chief Executive Officer.
Before handing over to Matthew, I'd like to highlight that today's discussion contains forward-looking statements regarding future business and financial expectations. Actual results may differ significantly from those projected in today's forward-looking statements due to various risks and uncertainties, including the risks described in our periodic reports filed with the SEC. Except as required by law, we undertake no obligation to update our forward looking statements.
Our comments on today's call may also include certain non-GAAP financial measures. Additional details and reconciliations to the most directly comparable GAAP financial measures are included in our quarterly earnings release, which can be found on our corporate website. There will be a replay of today's call and it will be available by webcast within the Investor Relations section of our website at newpark.com. Please note that the information disclosed on today's call is current as of August 6, 2024. At the conclusion of our prepared remarks, we will open the line for questions.
And with that, I'd like to turn the call over to our President and CEO, Matthew Lanigan.
Matthew Lanigan
Thank you, Gregg, and welcome to everyone joining us on today's call. Our second quarter results were very pleasing with sequential 6% improvement in revenues and a 10% improvement in adjusted EBITDA on a consolidated basis, underpinned by an exceptionally strong revenue contribution from our Industrial Solutions business, including a record $30 million of product sales in the quarter. We've remained laser focused on our multiyear business transformation plan during the second quarter as we continue to invest in the growth of our Industrial Solutions business, which remains the central driver of our long term value creation strategy.