Koil Energy Solutions, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 14, 2022 at 04:18 pm
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Koil Energy Solutions, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported sales was USD 2.26 million compared to USD 3.55 million a year ago. Net loss was USD 1.58 million compared to net income of USD 0.332 million a year ago. Basic loss per share from continuing operations was USD 0.13 compared to basic earnings per share from continuing operations of USD 0.03 a year ago. Diluted loss per share from continuing operations was USD 0.13 compared to diluted earnings per share from continuing operations of USD 0.03 a year ago.
For the nine months, sales was USD 9.36 million compared to USD 12 million a year ago. Net loss was USD 1.67 million compared to net income of USD 1.2 million a year ago. Basic loss per share from continuing operations was USD 0.14 compared to basic earnings per share from continuing operations of USD 0.1 a year ago. Diluted loss per share from continuing operations was USD 0.14 compared to diluted earnings per share from continuing operations of USD 0.1 a year ago.
Koil Energy Solutions, Inc. is an energy services company, which provides equipment and support services to the worldâs energy and offshore industries. Its core services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, and related services. It supports subsea engineering, manufacturing, installation, commissioning, and maintenance projects located anywhere in the world. Its line of solutions is engineered and manufactured for integrated, large independent, and foreign national energy companies in offshore areas throughout the world. These products are often developed in direct response to customer requests for solutions to critical needs in the field. Its products include Flying Leads, Umbilical Hardware, Installation Aids and Riser Isolation Valves and Subsea Isolation Valve Services. It designs, manufactures, and installs flying leads, particularly steel tube flying leads.