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Wednesday, May 31, 2023

KLX Energy Services Holdings, Inc. (KLXE) Stock on a Rally, Here’s Why

KLX Energy Services Holdings, Inc. (KLXE), a company that provides drilling, completions, production, and well intervention services and products, has soared 14.25% in the premarket trading session. As a result, KLXE stock is changing hands at $4.57 at the time of the writing. The surge could be attributable to the announcement of quarterly results. On Thursday, KLXE closed the day at $4 after slightly declining 0.74% during the regular trading session.

KLXE Q3 2021 Operational Results

On Thursday, KLXE released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 31st October. The company generated total revenue of $139 million during the quarter against $70.9 million for the same period of 2020. The operating loss suffered by the company during the three months was $10.4 million against $30.4 million for the same period of 2020. The net loss suffered by the company during the period was $18.8 million (or $2.19 per basic and diluted share) against $38.3 million (or $4.56 per basic and diluted share) for the same period of 2020.

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Executive Commentary

Chris Baker, President and Chief Executive Officer of KLXE, while commenting on the results said that the company is extremely pleased with the fiscal third-quarter revenue growth. The revenue growth was supported by the higher activity levels and pricing disciplines across many of the company’s service lines. Looking forward, the company believes the market remains constructive for its business despite the recent headwinds. The company expects the improved pricing activity will continue to drive positive results.

Change in fiscal-Year End

Alongside the financial and operational results, KLXE also announced to change the company’s fiscal year-end from January 31st to December 31st. That was done to normalize the end of the fiscal year to improve the company’s comparability with its peers. The change would become effective beginning with the year ending on 31st December 2021.

Future Outlook for KLXE

Looking forward, the recent developments related to KLXE stock depict the investor interest in it. Hence, it won’t be difficult to say that KLXE stock tends to attract potential investors in the long run.

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