Newpark Resources Inc. (NR) posted first-quarter net income of $17.4 million or $0.18 per share, compared to $15.6 million or $0.16 per share in the comparable quarter last year.
Total revenues for the first quarter of 2013 increased 7.7% to $282.52 million from $262.34 million in the first quarter of 2012.
On average, analysts polled by Thomson Reuters expected the company to earn $0.17 per share on revenues of $278.24 million. Analysts' estimates typically exclude special items.
Further, the company' said its Board of Directors has authorized a second $50 million share repurchase program, following the $50 million repurchase program completed in the fourth quarter of 2012. Purchases under the new program will be funded with a combination of cash generated from operations and borrowings under the Company's revolving credit facility, and the repurchase program has no specific term.
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