EAST AURORA, N.Y.--(BUSINESS WIRE)--The Board of Directors of Moog Inc. (NYSE: MOG.A and MOG.B) has declared a quarterly dividend of $.25 per share on the Company’s issued and outstanding shares of Class A common stock and Class B common stock. The dividend will be paid on June 1, 2021 to all shareholders of record as of the close of business on May 14, 2021.

The dividend represents a use of cash of approximately $8 million. Future declarations of quarterly dividends are subject to the determination and discretion of Moog’s Board of Directors.

Moog Inc. is a worldwide designer, manufacturer, and integrator of precision control components and systems. Moog’s high-performance systems control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, automated industrial machinery, marine and medical equipment. Additional information about the company can be found at www.moog.com.

Cautionary Statement

Information included or incorporated by reference in this report that does not consist of historical facts, including statements accompanied by or containing words such as “may,” “will,” “should,” “believes,” “expects,” “expected,” “intends,” “plans,” “projects,” “approximate,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “anticipates,” “presume” and “assume,” are forward-looking statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company’s current views with respect to certain current and future events and financial performance and are not guarantees of future performance. This includes but is not limited to, the Company’s expectation and ability to pay a quarterly cash dividend on its common stock in the future, subject to the determination by the board of directors, and based on an evaluation of company earnings, financial condition and requirements, business conditions, capital allocation determinations and other factors, risks and uncertainties. The impact or occurrence of these could cause actual results to differ materially from the expected results described in the forward-looking statements. These important factors, risks and uncertainties include:

COVID-19 Pandemic Risks

• We face various risks related to health pandemics such as the global COVID-19 pandemic, which may have material adverse consequences on our operations, financial position, cash flows, and those of our customers and suppliers.

Strategic Risks

• We operate in highly competitive markets with competitors who may have greater resources than we possess;
• Our new products and technology research and development efforts are substantial and may not be successful which could reduce our sales and earnings;
• Our inability to adequately enforce and protect our intellectual property or defend against assertions of infringement could prevent or restrict our ability to compete; and
• Our sales and earnings may be affected if we cannot identify, acquire or integrate strategic acquisitions, or as we conduct divestitures.

Market Condition Risks

• The markets we serve are cyclical and sensitive to domestic and foreign economic conditions and events, which may cause our operating results to fluctuate;
• We depend heavily on government contracts that may not be fully funded or may be terminated, and the failure to receive funding or the termination of one or more of these contracts could reduce our sales and increase our costs;
• The loss of The Boeing Company as a customer or a significant reduction in sales to The Boeing Company could adversely impact our operating results; and
• We may not realize the full amounts reflected in our backlog as revenue, which could adversely affect our future revenue and growth prospects.

Operational Risks

• Our business operations may be adversely affected by information systems interruptions, intrusions or new software implementations;
• We may not be able to prevent, or timely detect, issues with our products and our manufacturing processes which may adversely affect our operations and our earnings;
• If our subcontractors or suppliers fail to perform their contractual obligations, our prime contract performance and our ability to obtain future business could be materially and adversely impacted; and
• The failure or misuse of our products may damage our reputation, necessitate a product recall or result in claims against us that exceed our insurance coverage, thereby requiring us to pay significant damages.

Financial Risks

• We make estimates in accounting for over-time contracts, and changes in these estimates may have significant impacts on our earnings;
• We enter into fixed-price contracts, which could subject us to losses if we have cost overruns;
• Our indebtedness and restrictive covenants under our credit facilities could limit our operational and financial flexibility;
• The phase out of LIBOR may negatively impact our debt agreements and financial position, results of operations and liquidity;
• Significant changes in discount rates, rates of return on pension assets, mortality tables and other factors could adversely affect our earnings and equity and increase our pension funding requirements;
• A write-off of all or part of our goodwill or other intangible assets could adversely affect our operating results and net worth; and
• Unforeseen exposure to additional income tax liabilities may affect our operating results.

Legal and Compliance Risks

• Contracting on government programs is subject to significant regulation, including rules related to bidding, billing and accounting standards, and any false claims or non-compliance could subject us to fines, penalties or possible debarment;
• Our operations in foreign countries expose us to political and currency risks and adverse changes in local legal and regulatory environments;
• Government regulations could limit our ability to sell our products outside the United States and otherwise adversely affect our business;
• We are involved in various legal proceedings, the outcome of which may be unfavorable to us; and
• Our operations are subject to environmental laws, and complying with those laws may cause us to incur significant costs.

General Risks

• The United Kingdom's decision to exit the European Union may result in short-term and long-term adverse impacts on our results of operations;
• Escalating tariffs, restrictions on imports or other trade barriers between the United States and various countries may impact our results of operations;
• Future terror attacks, war, natural disasters or other catastrophic events beyond our control could negatively impact our business; and
• Our performance could suffer if we cannot maintain our culture as well as attract, retain and engage our employees.

These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. Given these factors, risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictive of future results. We disclaim any obligation to update the forward-looking statements made in this report.

Ann Marie Luhr
716-687-4225

Advanced Mobility Growth And Market Recovery Drives Strong Financial Results

CHANDLER, Ariz.--(BUSINESS WIRE)--Rogers Corporation (NYSE:ROG) today announced financial results for the first quarter of 2021.

“Rogers delivered strong first quarter sales and earnings, driven by the continued execution of our growth strategy and operational excellence initiatives,” stated Bruce D. Hoechner, Rogers' President and CEO. “Accelerating demand for our innovative solutions in Advanced Mobility markets and a broad recovery in industrial demand were the primary catalysts for the sales increase. We continue to see robust market demand looking forward, but anticipate that global supply chain disruptions and the ongoing recovery of UTIS manufacturing will temper sales growth for the second quarter. We remain enthusiastic about the significant growth opportunities in Advanced Mobility and we are aggressively expanding capacity to capitalize on this opportunity, in addition to focusing on growth opportunities in our other core markets.”

Financial Overview

^{1 - A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below}

^{2 - The AES business segment was formed in the first quarter of 2021 through the combination of the Advanced Connectivity Solutions (ACS) and Power Electronics Solutions (PES) businesses. Prior period consolidated financial statements have been reclassified to conform to the current year presentation.}

Q1 2021 Summary of Results

Net sales of $229.3 million increased 8.8% versus the prior quarter from higher sales in both the AES and EMS business units. AES net sales increased due to strong demand for ADAS applications and higher sales in the EV/HEV, clean energy, defense and wireless infrastructure markets. EMS net sales increased from strong demand in the EV/HEV, traditional automotive and general industrial markets, partially offset by a seasonal decline in portable electronics market sales. Currency exchange rates favorably impacted total company net sales in the first quarter of 2021 by $3.1 million compared to prior quarter net sales.

Gross margin was 39.0%, compared to 38.3% in the prior quarter. The increase in gross margin was due to higher volumes and operational cost savings, partially offset by commodity price increases, higher freight costs and unfavorable product mix.

Selling, general and administrative (SG&A) expenses decreased by $7.6 million from the prior quarter to $42.4 million. The decrease in SG&A expense was due to a reduction in accelerated intangible amortization expense, partially offset by higher compensation and benefits costs.

GAAP operating margin of 16.2% increased by 670 basis points sequentially primarily due to the improved gross margin and reduction in SG&A expenses and restructuring charges. Adjusted operating margin of 19.0% increased by 60 basis points versus the prior quarter, primarily as a result of improved gross margin.

GAAP earnings per diluted share were $1.66, compared to earnings per diluted share of $0.81 in the previous quarter. The increase in GAAP earnings resulted from higher net sales, improved gross margin and lower SG&A expense and restructuring related charges. On an adjusted basis, earnings were $1.92 per diluted share compared to adjusted earnings of $1.58 per diluted share in the prior quarter. The increase in adjusted earnings per diluted share resulted from higher net sales and improved gross margin.

Ending cash and cash equivalents were $199.1 million, an increase of $7.3 million versus the prior quarter. The Company generated free cash flow of approximately $32.9 million in the first quarter of 2021. Net cash provided by operating activities of $36.5 million was offset by $21.0 million of principal payments made on the outstanding borrowings under the Company’s revolving credit facility and capital expenditures of $3.6 million. At the end of the first quarter of 2021, cash exceeded borrowings by $195.1 million.

Financial Outlook

1 - A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below

About Rogers Corporation

Rogers Corporation (NYSE:ROG) is a global leader in engineered materials to power, protect and connect our world. Rogers delivers innovative solutions to help our customers solve their toughest material challenges. Rogers’ advanced electronic and elastomeric materials are used in applications for EV/HEV, automotive safety and radar systems, mobile devices, renewable energy, wireless infrastructure, energy-efficient motor drives, industrial equipment and more. Headquartered in Chandler, Arizona, Rogers operates manufacturing facilities in the United States, Asia and Europe, with sales offices worldwide.

Safe Harbor Statement

This release contains forward-looking statements, which concern our plans, objectives, outlook, goals, strategies, future events, future net sales or performance, capital expenditures, future restructuring, plans or intentions relating to expansions, business trends and other information that is not historical information. All forward-looking statements are based upon information available to us on the date of this release and are subject to risks, uncertainties and other factors, many of which are outside of our control, which could cause actual results to differ materially from those indicated by the forward-looking statements. Risks and uncertainties that could cause such results to differ include: the duration and impacts of the novel coronavirus global pandemic and efforts to contain its transmission and distribute vaccines, including the effect of these factors on our business, suppliers, customers, end users and economic conditions generally; failure to capitalize on, volatility within, or other adverse changes with respect to the Company's growth drivers, including advanced mobility and advanced connectivity, such as delays in adoption or implementation of new technologies; uncertain business, economic and political conditions in the United States (U.S.) and abroad, particularly in China, South Korea, Germany, Hungary and Belgium, where we maintain significant manufacturing, sales or administrative operations; the trade policy dynamics between the U.S. and China reflected in trade agreement negotiations and the imposition of tariffs and other trade restrictions, including trade restrictions on Huawei Technologies Co., Ltd. (Huawei); fluctuations in foreign currency exchange rates; our ability to develop innovative products and the extent to which our products are incorporated into end-user products and systems and the extent to which end-user products and systems incorporating our products achieve commercial success; the ability of our sole or limited source suppliers to deliver certain key raw materials, including commodities, to us in a timely and cost-effective manner; intense global competition affecting both our existing products and products currently under development; business interruptions due to catastrophes or other similar events, such as natural disasters, war, terrorism or public health crises; failure to realize, or delays in the realization of anticipated benefits of acquisitions and divestitures due to, among other things, the existence of unknown liabilities or difficulty integrating acquired businesses; our ability to attract and retain management and skilled technical personnel; our ability to protect our proprietary technology from infringement by third parties and/or allegations that our technology infringes third party rights; changes in effective tax rates or tax laws and regulations in the jurisdictions in which we operate; failure to comply with financial and restrictive covenants in our credit agreement or restrictions on our operational and financial flexibility due to such covenants; the outcome of ongoing and future litigation, including our asbestos-related product liability litigation; changes in environmental laws and regulations applicable to our business; and disruptions in, or breaches of, our information technology systems. For additional information about the risks, uncertainties and other factors that may affect our business, please see our most recent annual report on Form 10-K and any subsequent reports filed with the Securities and Exchange Commission, including quarterly reports on Form 10-Q. Rogers Corporation assumes no responsibility to update any forward-looking statements contained herein except as required by law.

Conference call and additional information

A conference call to discuss the results for the first quarter of 2021 will take place today, Thursday, April 29, 2021 at 5pm ET.

A live webcast of the event and the accompanying presentation can be accessed on the Rogers Corporation website at https://www.rogerscorp.com/investors.

An audio replay of the conference call will be available from April 29, 2021 at approximately 8 pm ET through May 13, 2021 at 11:59 pm ET, by dialing 1-888-203-1112 from the United States, and entering the replay passcode of 9167045.

Additionally, the archived webcast will be available on the Rogers website at approximately 8 pm ET on April 29, 2021.

Additional information

Please contact the Company directly via email or visit the Rogers website.

(Financial statements follow)

Reconciliation of non-GAAP financial measures to the comparable GAAP measures

Non-GAAP financial measures:

This earnings release includes the following financial measures that are not presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”):

(1) Adjusted operating margin, which the Company defines as operating margin excluding acquisition-related amortization of intangible assets and discrete items, such as acquisition and related integration costs, asbestos-related charges, gains or losses on the sale or disposal of property, plant and equipment, restructuring, severance, impairment and other related costs, UTIS fire charges, and the related income tax effect on these items (collectively, “discrete items”);

(2) Adjusted net income, which the Company defines as net income excluding amortization of acquisition intangible assets and discrete items;

(3) Adjusted earnings per diluted share, which the Company defines as earnings per diluted share excluding amortization of acquisition intangible assets, and discrete items divided by adjusted weighted average shares outstanding - diluted;

(4) Adjusted EBITDA, which the Company defines as net income excluding interest expense, net, income tax expense, depreciation and amortization, stock-based compensation expense, and discrete items;

(5) Adjusted EBITDA Margin, which the Company defines as the percentage that results from dividing Adjusted EBITDA by total net sales;

(6) Free cash flow, which the Company defines as net cash provided by operating activities less non-acquisition capital expenditures.

Management believes adjusted operating margin, adjusted net income, adjusted earnings per diluted share, adjusted EBITDA and adjusted EBITDA margin are useful to investors because they allow for comparison to the Company’s performance in prior periods without the effect of items that, by their nature, tend to obscure the Company’s core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. As a result, management believes that these measures enhance the ability of investors to analyze trends in the Company’s business and evaluate the Company’s performance relative to peer companies. Management also believes free cash flow is useful to investors as an additional way of viewing the Company's liquidity and provides a more complete understanding of factors and trends affecting the Company's cash flows. However, non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or as alternatives to, financial measures prepared in accordance with GAAP. In addition, these non-GAAP financial measures may differ from, and should not be compared to, similarly named measures used by other companies. Reconciliations of the differences between these non-GAAP financial measures and their most directly comparable financial measures calculated in accordance with GAAP are set forth below.

Reconciliation of GAAP operating margin to adjusted operating margin*:

*Percentages in table may not add due to rounding.

Reconciliation of GAAP net income to adjusted net income:

*Values in table may not add due to rounding.

Reconciliation of GAAP earnings per diluted share to adjusted earnings per diluted share*:

*Values in table may not add due to rounding.

Reconciliation of GAAP net income to adjusted EBITDA*:

*Values in table may not add due to rounding.

Calculation of adjusted EBITDA margin*:

*Values in table may not add due to rounding.

Reconciliation of net cash provided by operating activities to free cash flow*:

*Values in table may not add due to rounding.

Reconciliation of GAAP earnings per diluted share to adjusted earnings per diluted share guidance for the 2021 first quarter:

Reconciliation of GAAP earnings per diluted share to adjusted earnings per diluted share guidance for the second quarter of 2021:

Investor contact:
Steve Haymore
Phone: 480-917-6026
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Website address: http://www.rogerscorp.com

CHICAGO--(BUSINESS WIRE)--project44, the global leader in advanced visibility for shippers and logistics service providers will expand its real-time shipment tracking services in China – giving clients the same transportation visibility it offers across mature markets like North American and Europe. This expansion will focus the company’s resources on Asia-based visibility to fulfill its vision for global end-to-end visibility across all modes of transportation.

With logistics events in Asia continuing to send shockwaves across western markets, the opacity of Asia’s trucking markets has emerged as a weak link in global supply chains. As the economic recovery picks up pace, global supply chains are under pressure to improve agility, predictability, and efficiency.

At the same time, truckload markets in Asia have been modernizing rapidly as old trucks go out of service and China continues to incentivize the scrapping of old trucks. Newer trucks are equipped with electronic logging devices, paving the way to connect these trucks (with necessary data privacy provisions) to supply chain networks. These developments allow project44 to provide the foundational data needed to translate early indicators into important levers for supply chain resiliency.

Industry Support

The move by project44 to ramp up visibility in China has garnered broad support across the industry:

“Over the past year, Gartner has seen a dramatic increase in interest for Real-Time Transportation Visibility (RTTV) in the Asia Pacific,” said Bart A. De Muynck, Research Vice President, Transportation Technology at Gartner. “The sheer size of the Asia Pacific region combined with the diverse cultures spread across it creates unique challenges for transportation. Organizations that operate complex global supply chains often favor visibility solutions that can be implemented and utilized worldwide. project44 is recognized as a Leader by Gartner for its strong presence in both North America and Europe. Enterprise shippers that operate in Asia will benefit from project44’s expanded carrier coverage in China.”

“Building a more predictable global supply chain to increase on-time delivery and customer satisfaction is key to Lenovo’s business strategy,” said Renée Ure, Chief Operating Officer, Lenovo Infrastructure Solutions Group. “It’s critical to understand when materials are arriving from our suppliers to our factories across the world. project44’s expansion into the Asia Pacific region will give us further end-to-end visibility into our global supply chain to help us deliver on our promises to our customers.”

"CNHi is a truly global company in 180 countries. The recent state of global transportation has proven challenging, in part because it is difficult to manage our supply chains that span so many countries when disruption is high and visibility is so fragmented," said Dror Noach, Vice President of Global Logistics, CNH Industrial. "Gaining better visibility of both domestic and inbound flows going into our Asian manufacturing plants, especially China, could be quite beneficial for us. We believe project44's efforts to expand coverage in this region can help us improve assurance of supply and increase our efficiency."

Expanded Global Network Coverage

project44's best-in-class network already connects truckload carriers on every continent and nearly all containerized ocean freight moving between them, however, getting visibility into Asia’s trucking market remains a challenge for shippers. Its increased focus on Asian markets allows project44 to increase saturation outside of mature transportation markets and into Asia's ground transportation networks.

“At project44 we want to be wherever our customers need us, which means being connected to carriers all over the globe. For the first time ever, shippers can have a true global view of their supply chain network in a single platform,” said Jett McCandless, CEO and Founder of project44. “With our expansion into the Asia Pacific, we are considering the capabilities, regulations, and intricacies within each country which is key to delivering value to our current and future customers."

By expanding visibility in Asian markets, project44 will help buyers of Asian goods increase the resiliency of their supply chains. And in the process, project44 will extend visibility to domestic Asian shippers and logistics service providers who demand the same real-time transportation visibility enjoyed in western markets.

About project44

project44 solves some of the world’s most critical logistics challenges by connecting, automating, and providing real-time visibility into global transportation processes. With project44’s cloud-based platform, organizations can increase operational efficiencies, reduce costs, improve shipping performance, and deliver an exceptional, Amazon-like experience to their customers. project44 supports all transportation modes and shipping types, including air, parcel, final-mile, less-than-truckload, volume less-than-truckload, groupage, truckload, rail, intermodal, and ocean. To learn more, visit www.project44.com.

Charlie Pesti
Director, Marketing
This email address is being protected from spambots. You need JavaScript enabled to view it.

• Results Ahead of Expectations on Strong Construction Products Performance
• Full Year 2021 Adjusted EBITDA Guidance Range Increased to $270 Million to $290 Million Following Recently-Completed StonePoint Materials Acquisition
• Liquidity and Balance Sheet Remain Solid After Inaugural Debt Offering and Acquisition
• Issuance of First Full Year Sustainability Report Advances Our ESG Commitment

DALLAS--(BUSINESS WIRE)--Arcosa, Inc. (NYSE: ACA) (“Arcosa,” the “Company,” “We,” or “Our”), a provider of infrastructure-related products and solutions, today announced results for the quarter ended March 31, 2021.

First Quarter Highlights (All comparisons are versus the prior-year quarter unless noted otherwise)

• Revenues of $440.4 million, down 10%
• Net income of $15.9 million and Adjusted Net Income of $17.6 million
• Diluted EPS of $0.32 and Adjusted Diluted EPS of $0.35
• Adjusted EBITDA of $56.5 million, down 25%
• Operating cash flow of $0.4 million and free cash flow of $(19.5) million

Commenting on the Company’s performance, Antonio Carrillo, President and Chief Executive Officer, noted, “Our portfolio demonstrated further resilience as our first quarter results came in better than expected due to strong performance from our Construction Products businesses. Construction activity was robust, particularly in our key Texas markets, producing improved profitability. We finished the quarter with strong momentum as better weather returned, helping to offset the negative impacts from Winter Storm Uri that broadly impacted our Texas and Southern United States footprint in February.

“Order activity for our utility, traffic, and telecom structures businesses also remained healthy during the quarter. We continue to see solid growth drivers for infrastructure products, including electrical grid hardening, connection of renewables, and the wireless telecom buildout.

“We have also dealt with rapid steel price inflation in a disciplined manner. We proactively implemented price increases across our businesses in the fourth quarter of 2020, which has helped mitigate the impact on margins. However, we expect our steel-related businesses to continue to experience the impact of inflationary pressures. In our barge business, high steel prices continue to impact conversion of inquiries to new orders. Given soft order activity, we announced the planned idling of one of our three barge manufacturing plants, in an effort to match our operating footprint to industry demand.”

Carrillo also noted, “During the first quarter, we made measurable progress advancing our ESG initiative and released our first full year sustainability report in mid-April. At Arcosa, our goal is to integrate sustainability into our daily practices as well as our long-term strategy. I want to thank our entire team for their dedication to ESG.”

2021 Outlook and Guidance

The Company raised its 2021 full year guidance to incorporate the acquisition of StonePoint Materials, a top 25 U.S. aggregates company, which closed on April 9, 2021. The new guidance incorporates StonePoint’s expected 2021 results from the date of acquisition.

• Increase in full year 2021 revenue guidance to a range of $1.88 billion to $2.00 billion, from prior guidance range of $1.78 billion to $1.90 billion.
• Increase in full year 2021 Adjusted EBITDA guidance to a range of $270 million to $290 million, from prior guidance range of $250 million to $270 million.

Commenting on the outlook for 2021, Carrillo noted, “Overall, our key growth businesses, Construction Products and Engineered Structures, are positioned well for the future, and we remain optimistic on a recovery in our barge and rail components businesses once steel prices moderate.

“The recent StonePoint acquisition is an outstanding strategic fit for Arcosa, aligning with our strategy to expand our Aggregates business in our current footprint and to enter new, attractive geographies.

“Our updated 2021 Adjusted EBITDA guidance puts us on a path to meet or exceed 2020’s strong results. Our balance sheet and liquidity remain solid, and we expect to supplement this with another year of healthy free cash flow. We look forward to integrating StonePoint and will continue to look for other disciplined capital allocation opportunities in attractive infrastructure markets.”

First Quarter 2021 Results and Commentary

Construction Products

• Revenues increased 3% to $153.2 million in the first quarter, led by higher volumes in our legacy natural aggregates business, as well as revenues from acquisitions completed in the second half of 2020.
• Revenues were lower in our specialty materials businesses than compared to the pre-pandemic first quarter of 2020.
• Our trench shoring business improved during the first quarter, with revenues up 3% over last year.
• First quarter Adjusted Segment EBITDA increased 2% to $32.9 million, representing a 21.5% margin in both the current and prior year, despite a full quarter impact of COVID-19 and the impact of Winter Storm Uri on 2021 results.

Engineered Structures

• First quarter revenues were down 7% year-over-year to $207.0 million, driven primarily by lower volumes in wind towers partially due to the temporary idling of a facility for a product changeover completed during the quarter. Volumes were higher for utility structures and storage tanks, and they also benefited from the addition of the traffic and telecom structures product lines acquired during 2020.
• Adjusted Segment EBITDA decreased 21% to $26.4 million, representing a 12.8% margin compared to a 15.1% margin a year ago. The year-over-year decrease in EBITDA and margin was primarily due to inefficiencies associated with the temporary idling of a wind tower facility and the ramp up of a new utility structures facility.
• The decline in Adjusted Segment EBITDA was partially offset by increased volumes and improved margins in our storage tank business and a $3.9 million pre-tax gain on the sale of a non-operating facility.
• Order activity for utility structures, wind towers, and the newly acquired product lines was healthy during the quarter driven by spending in transmission, renewable energy, telecom, and traffic markets.
• The combined backlog for utility, wind, and related structures increased to $379.5 million from $334.0 million at the end of 2020.

Transportation Products

• First quarter revenues were $80.2 million, down 31% year-over-year. Barge revenues decreased 35% driven by lower hopper and tank barge deliveries. Steel components revenues declined 20% year-over-year but increased sequentially, as the new railcar market showed signs of a potential bottoming.
• Adjusted Segment EBITDA decreased 53% year-over-year to $8.7 million, representing a 10.8% margin compared to a 16.0% margin a year ago. Segment margins decreased due to declines in operational efficiencies from reduced capacity utilization.
• Dry barge inquiries continue to support a healthy level of replacement demand; however, persistently high steel prices continue to delay order conversion. The barge business received orders of approximately $16 million in the quarter, for a book-to-bill of 0.3. Backlog at the end of the first quarter decreased to $133.2 million from $175.5 million at the start of the year.
• During the quarter, we took further steps to reduce our costs and announced the planned idling of our Madisonville, Louisiana barge facility in the third quarter of 2021.
• We remain confident in the medium and long-term fundamentals for our Transportation Products businesses once short-term macroeconomic conditions improve.

Corporate and other Financial Notes

• Corporate expenses increased to $14.5 million in the first quarter, including $1.7 million of acquisition-related transaction and integration costs, primarily from the StonePoint acquisition that closed in April 2021.
• The Company continues to expect Corporate expenses of approximately $13-14 million per quarter for the balance of 2021, excluding non-recurring acquisition and integration expenses. The StonePoint acquisition is expected to add approximately $6 million of non-recurring expenses in the second quarter of 2021, and approximately $2 million per quarter in each of the third and fourth quarters.
• In February 2021, Winter Storm Uri, which impacted Texas and the broader Southern United States, negatively impacted our first quarter performance as we lost more than one week of production across a significant part of our operating footprint. We estimate a decline in operating profit of $4.0 to $5.0 million for the three months ended March 31, 2021 related to the storm, primarily in our Construction Products segment.

Cash Flow and Liquidity

• During the first quarter, operating cash flow was essentially break-even due to a $46.7 million increase in working capital. The increase in working capital was primarily due to higher accounts receivables, partially due to shipments delayed during the quarter due to Winter Storm Uri, and strategic raw material purchases.
• We invested $19.9 million in capital expenditures resulting in free cash flow of $(19.5) million for the first quarter.
• We returned approximately $2.4 million in dividends to shareholders during the first quarter.
• As previously announced, in April we issued $400.0 million aggregate principal amount of 4.375% senior notes that mature in 2029 which was used, in part, to fund the $375 million acquisition of StonePoint.
• We ended the quarter with total liquidity of $453.2 million, including $81.9 million of cash.
• Net debt to Adjusted EBITDA was 0.6X for the trailing twelve months and 1.9X after giving effect to the April senior notes and StonePoint acquisition.

Non-GAAP Financial Information

This earnings release contains financial measures that have not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Reconciliations of non-GAAP financial measures to the closest GAAP measure are included in the accompanying tables to this earnings release.

Conference Call Information

A conference call is scheduled for 8:30 a.m. Eastern Time on April 30, 2021 to discuss 2021 first quarter results. To listen to the conference call webcast, please visit the Investor Relations section of Arcosa’s website at https://ir.arcosa.com. A slide presentation for this conference call will be posted on the Company’s website in advance of the call at https://ir.arcosa.com. The audio conference call number is 866-342-8588 for domestic callers and 203-518-9865 for international callers. The conference ID is ARCOSA and the passcode is 272672. An audio playback will be available through 11:59 p.m. Eastern Time on May 14, 2021, by dialing 800-839-1162 for domestic callers and 402-220-0398 for international callers. A replay of the webcast will be available for one year on Arcosa’s website at https://ir.arcosa.com/news-events/events-presentations.

About Arcosa

Arcosa, Inc. (NYSE:ACA), headquartered in Dallas, Texas, is a provider of infrastructure-related products and solutions with leading positions in construction, engineered structures, and transportation markets. Arcosa reports its financial results in three principal business segments: the Construction Products segment, the Engineered Structures segment, and the Transportation Products segment. For more information, visit www.arcosa.com.

Some statements in this release, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Arcosa’s estimates, expectations, beliefs, intentions or strategies for the future. Arcosa uses the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” “guidance,” “outlook,” “strategy,” and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this release, and Arcosa expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, except as required by federal securities laws. Forward-looking statements are based on management’s current views and assumptions and involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to assumptions, risks and uncertainties regarding the impact of the COVID-19 pandemic on Arcosa’s customer demand for Arcosa’s products and services, Arcosa’s supply chain, Arcosa’s employees’ ability to work because of COVID-19 related illness, the health and safety of our employees, the effect of governmental regulations imposed in response to the COVID-19 pandemic; assumptions, risks and uncertainties regarding achievement of the expected benefits of Arcosa’s spin-off from Trinity; tax treatment of the spin-off; failure to successfully integrate acquisitions, or failure to achieve the expected benefits of acquisitions; market conditions and customer demand for Arcosa’s business products and services; the cyclical nature of, and seasonal or weather impact on, the industries in which Arcosa competes; competition and other competitive factors; governmental and regulatory factors; changing technologies; availability of growth opportunities; market recovery; ability to improve margins; and Arcosa’s ability to execute its long-term strategy, and such forward-looking statements are not guarantees of future performance. For further discussion of such risks and uncertainties, see "Risk Factors" and the "Forward-Looking Statements" section of "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Arcosa's Form 10-K for the year-ended December 31, 2020, and as may be revised and updated by Arcosa's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

INVESTOR CONTACTS
Scott C. Beasley
Chief Financial Officer

Gail M. Peck
SVP, Finance & Treasurer

T 972.942.6500
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David Gold
ADVISIRY Partners
T 212.661.2220
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MEDIA CONTACT
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LITTLE RIVER, S.C.--(BUSINESS WIRE)--$pctl #energy--PCT LTD (OTC PINK: PCTL) provides an update relative to ongoing infield testing at the Grassy Creek, MO testing site.

During the three weeks, January 7^th – 21^st, PCTL implemented its oilfield testing protocols in Grassy Creek, MO. The purpose of the in-field testing was to gather empirical data relative to whether PCT Catholyte was effective in enhancing oil production in shallow wells, and then to determine the effective enhancement of each well and what process and protocols yielded the best results. In our first round of in-field testing, we selected and tested six (6) producing oil wells (that had prior “damage”) and one (1) injection well. The baseline of 99/1 (water/oil) was established. Over the next two (2) weeks, we injected PCT Catholyte, ran dye tests and the results improved to a 97/3 ratio of water to oil. Severe weather shut in our testing for approximately eighteen (18) days. Once we were able to resume testing in March, we changed the treatment regimen, ran further dye tests, shut in 3 non-oil producing wells and assessed the findings: 92/8, a 250% increase over baseline data.

Later in March, we added three (3) new wells, increased the intervals of treatment with different specifications of PCT Catholyte, ran new dye tests and determined another increase in water/oil, up to 90/10; then saw further improvement to 80/20 by the end of March. Our most recent test results indicate a level of 60/40 water to oil ratio, which is a significant turn-around.

Testing continues and PCTL will release the findings in a technical report within thirty (30) days.

About PCT LTD:

PCT LTD ("PCTL") focuses its business on acquiring, developing and providing sustainable, environmentally safe disinfecting, cleaning and tracking technologies. The company acquires and holds rights to innovative products and technologies, which are commercialized through its operating subsidiary, Paradigm Convergence Technologies Corporation (PCT Corp).

ADDITIONAL NEWS AND CORPORATE UPDATES:

PCTL would like to warn its stockholders and potential investors that material corporate information regarding sales, areas of business and other corporate updates will only be made through press releases or filings with the SEC and through Twitter (PCTL@PCTL_). PCTL does not utilize social media, chatrooms or other online sources to disclose material information. The public should only rely on official press releases, Tweets from the Company’s official Twitter account, and corporate filings for accurate and up to date information regarding PCTL.

Forward-Looking Statements:

This press release contains "forward-looking statements" as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."

Such statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those presently anticipated. Such statements involve risks and uncertainties, including but not limited to: PCTL's ability to raise sufficient funds to satisfy its working capital requirements; the ability of PCTL to execute its business plan; the anticipated results of business contracts with regard to revenue; and any other effects resulting from the information disclosed above; risks and effects of legal and administrative proceedings and government regulation; future financial and operational results; competition; general economic conditions; and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements PCTL makes in this press release include market conditions and those set forth in reports or documents it files from time to time with the SEC. PCTL undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

www.para-con.com
www.pctcorphealth.com
www.pctcorporation.com
Twitter: https://mobile.twitter.com/PCTL_

Investor Relations Contact
Andrew Barwicki
(516) 662-9461
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NEW YORK--(BUSINESS WIRE)--Golar LNG Partners LP, an indirect subsidiary of New Fortress Energy Inc. (NASDAQ: NFE), has declared a cash distribution of $0.546875 per Series A preferred unit (NASDAQ: GMLPP) for the period from February 15, 2021 through May 14, 2021. This will be payable on May 17, 2021 to all Series A preferred unitholders of record as of May 10, 2021.

About New Fortress Energy Inc.

New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.

IR:
Joshua Kane
(516) 268-7455
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Media:
Jake Suski
(516) 268-7403
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• Diversity is an integral part of the history, culture and identity at Schneider Electric, earning it the No. 48 position in this year’s rankings and best in our industry
• Award reaffirms commitment to diversity, equity and inclusion, building an empowered culture across the company

BOSTON--(BUSINESS WIRE)--#Diversity--Schneider Electric, the global leader in the digital transformation of energy management and automation, today announced that it ranked No. 48 on the Forbes America’s Best Employers in Diversity 2021 list and the best in our industry. The award recognizes the company’s commitment to building a diverse and inclusive culture that welcomes and respects individuals from all walks of life, ages, and cultures.

“The diversity of our team is a core strength that enables us to come together for a common purpose to address the energy needs and challenges of our customers,” said Annette Clayton, CEO & President, Schneider Electric North America. “By bringing together people from different backgrounds, we benefit from their diverse thinking and unique perspectives to develop innovative, sustainable solutions. Fostering this inclusive culture within the company is a priority for the betterment of our people and our organization over the long term.”

This prestigious award is presented by Forbes and Statista Inc., the world-leading statistics portal and industry ranking provider. The Best Employers for Diversity were selected based on Statista's innovative methodology, guaranteeing unbiased results and providing reliable insights. Over 50,000 U.S. employees were surveyed in companies with a minimum of 1,000 employees to identify The Best Employers for Diversity.

The evaluation was based on both direct and indirect recommendations with employees asked to provide their opinions on a series of statements regarding Age, Gender, Ethnicity, Disability, LGBTQA+ & General Diversity in their current workplace. The recommendations of women, elders, and ethnic minorities were weighted higher than the non-minority groups. Participants were also given the chance to evaluate other employers in their respective industries that stand out either positively or negatively with regard to diversity. Only the recommendations of minority groups were considered. The diversity among top executives and diversity engagement indicators were also part of the evaluation.

“At Schneider Electric, ‘Embrace Different’ is one of our core values and we continue to place emphasis on diversity, equity and inclusion in our recruiting, developing, and advancing employees across the organization,” said Mai Lan Nguyen, SVP, Human Resources, Schneider Electric. “In order to lead in the markets where we serve, the faces and voices of our people have to mirror those of our customers and communities, and the values we set within our company must set an example for the industry.”

For more information on Diversity at Schneider Electric, please visit www.se.com/us/diversity.

To learn more about this award and the culture of diversity, equity and inclusion at Schneider Electric, please visit https://blog.se.com/life-at-schneider-electric/2021/04/30/best-employers-for-diversity-advice/.

About Schneider Electric

Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.

Our mission is to be your digital partner for Sustainability and Efficiency.

We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.

We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.

www.se.com

Discover Life Is On    Follow us on: Twitter Facebook LInkedIn YouTube Instagram Blog

Hashtags: #SchneiderElectric #Diversity

Schneider Electric Media Relations – Thomas Eck, Phone: 917-797-4974; This email address is being protected from spambots. You need JavaScript enabled to view it.

• H&P's North America Solutions segment exited the second quarter of fiscal year 2021 with 109 active rigs up roughly 15% during the quarter

• The Company ended the quarter with $562 million in cash and short-term investments and no amounts drawn on its $750 million revolving credit facility culminating in approximately $1.3 billion in available liquidity

• Quarterly North America Solutions operating gross margins⁽¹⁾ increased $19 million to $64 million sequentially, as revenues increased by $48 million to $250 million and expenses increased by $29 million to $186 million

• The Company reported a fiscal second quarter net loss of $(1.13) per diluted share; including select items⁽²⁾ of $(0.53) per diluted share

• The Company incurred a non-cash impairment charge of $54 million related to fair market adjustments for decommissioned rigs that are held for sale and recognized a $23 million loss on sales related to excess drilling equipment and spares

• Adoption of our drilling automation technologies and new commercial models continues to increase with 25% to 30% of our active FlexRig® fleet utilizing AutoSlide®, and roughly 30% utilizing some form of performance-based contract

• On March 3, 2021, the Board of Directors of the Company declared a quarterly cash dividend of $0.25 per share, payable on June 1, 2021, to stockholders of record at the close of business on May 17, 2021

TULSA, Okla.--(BUSINESS WIRE)--Helmerich & Payne, Inc. (NYSE: HP) reported a net loss of $121 million, or $(1.13) per diluted share, from operating revenues of $296 million for the quarter ended March 31, 2021, compared to a net loss of $70 million, or $(0.66) per diluted share, on revenues of $246 million for the quarter ended December 31, 2020. The net losses per diluted share for the second and first quarters of fiscal year 2021 include $(0.53) and $0.16, respectively, of after-tax gains and losses comprised of select items⁽²⁾. For the second quarter of fiscal year 2021, select items⁽²⁾ were comprised of:

• $0.04 of after-tax gains pertaining to a non-cash fair market adjustment to our equity investment, and discontinued operations related to adjustments resulting from currency fluctuations
• $(0.57) of after-tax losses pertaining to a non-cash impairment for fair market adjustments to decommissioned rigs that are held for sale, loss on sales of excess drilling equipment and spares, and restructuring charges

Net cash provided by operating activities was $78 million for the second quarter of fiscal year 2021 compared to net cash used in operating activities of $20 million for the first quarter of fiscal year 2021.

President and CEO John Lindsay commented, "The increase in activity we experienced during the first half of our fiscal 2021 year has been encouraging, particularly in light of the record industry downturn last year. As in the past, our strong market standing and flexible financial position is enabling us to concentrate on long-term, strategic objectives during volatile and uncertain markets. We are making good progress in deploying digital technology solutions and introducing new commercial models to the industry, but realize there is still a lot of work ahead of us.

"Clearly, the energy industry's capital discipline, which started prior to the global pandemic, remains resolute, and this is something we are actually pleased to see. The attention to controlled spending and generating returns in a variety of commodity price environments is what the industry needs to attract and retain investment. A natural step in capital discipline is deriving the most value per capital dollar spent, not just in a one-year budget cycle, but over the life of an investment. This corresponds directly to where we believe H&P, as the leading drilling solutions provider, delivers the most value to our customers and is the driver behind the development of our digital technology solutions and commercial models that are structured around achieving value-added outcomes.

"H&P's focus will remain on bringing value to the customer by leveraging software, data and FlexRig technology. Our digitally-enabled drilling operations provide automation solutions that deliver both efficiency gains and wellbore quality. Our customers experience not only near-term financial benefits, like lower well costs and the reduction of certain downhole risks, but also have positive economic implications over the long-term life of the well. An important ingredient to a successful technology strategy is the integration of new commercial models, which incorporate performance metrics into the contract. New commercial models are designed to generate win-win outcomes - the customer has a well with improved economics and H&P is compensated for helping to create a portion of that value. Currently, approximately 30% of our active fleet in the U.S. is under some type of performance contract."

Senior Vice President and CFO Mark Smith also commented, "The quality and strength of H&P's financial position, after emerging from one of the most challenging times in the Company's history, bears reiteration. H&P exited the March fiscal quarter with $562 million in cash and short-term investments, a debt-to-cap of 14% and approximately $1.3 billion in available liquidity. Additionally, lenders with $680 million of commitments under our undrawn revolving credit facility recently exercised their option to extend the maturity of our credit facility by one year to 2025. Much like the Company's strong balance sheet, the commitment to our long-standing capital allocation strategy of returning cash to shareholders remains firmly intact.

"As the market landscape continues to evolve, the Company's focus on marketing its highly capable, super-spec FlexRig fleet is more pronounced leading us to initiate a plan in March of this year to sell certain older, less capable rigs, the majority of which were previously decommissioned, written down and expected to be sold for scrap. As a result of this plan, we reclassified those assets to held for sale for accounting purposes and we incurred an impairment of $54 million related to fair market adjustments. Additionally we recognized a $23 million loss on sales related to excess drilling equipment and spares.

"We continue to move forward with our strategies of further rationalizing our operating cost structure by identifying other areas of potential cost improvement. We are now quantifying the expected savings and timing of these strategies with the expectation of implementing these initiatives in the coming quarters. The margin improvements resulting from these additional cost saving initiatives will be recognized over the next few quarters with the full ongoing benefits expected to be realized in fiscal 2022."

John Lindsay concluded, “One of H&P's strengths is its ability to adapt to changing, and often volatile, market conditions. Our people, rig assets and technology, and financial position are the drivers behind why H&P is considered a market leader and partner of choice within the industry. While challenges still remain ahead, I am confident that H&P and our people are up to the task and will be successful."

Operating Segment Results for the Second Quarter of Fiscal Year 2021

North America Solutions:

This segment had an operating loss of $109.8 million compared to an operating loss of $72.9 million during the previous quarter. The increase in the operating loss was due to impairments related to fair market adjustments to decommissioned rigs that are held for sale and restructuring charges. Absent these select items⁽²⁾, this segment's operating loss declined by $18.8 million on a sequential basis, due mainly to a higher level of rig activity.

Operating gross margins⁽¹⁾ increased by $19.4 million to $64.1 million as both revenues and expenses increased sequentially. There was no early contract termination revenue recognized during the quarter compared to the prior quarter, which benefited from $5.8 million in early contract termination revenue. Operating results were still negatively impacted by the costs associated with reactivating rigs; $9.7 million in the second fiscal quarter compared to $10.6 million in the first fiscal quarter. While 21 idle rigs were reactivated during the quarter, only 15 were incremental to the rig count due to the normal contracting churn. The majority of the remaining reactivated rigs have already returned to service subsequent to March 31, 2021.

International Solutions:

This segment had an operating loss of $3.5 million compared to an operating loss of $8.4 million during the previous quarter. Operating gross margins⁽¹⁾ improved to a negative $1.9 million from a negative $7.0 million in the previous quarter, as the current quarter benefited from additional revenue days and certain revenue reimbursements of approximately $1.9 million. Current quarter results included a $2.4 million foreign currency loss related to our South American operations compared to an approximate $1.9 million foreign currency loss in the first quarter of fiscal year 2021.

Offshore Gulf of Mexico:

This segment had operating income of $3.0 million compared to operating income of $2.7 million during the previous quarter. Operating gross margins⁽¹⁾ remained relatively flat at $6.2 million compared to $6.0 million in the prior quarter.

Operational Outlook for the Third Quarter of Fiscal Year 2021

North America Solutions:

• We expect North America Solutions operating gross margins⁽¹⁾ to be between $65-$75 million
• We expect to exit the quarter at between 120-125 contracted rigs

International Solutions:

• We expect International Solutions operating gross margins⁽¹⁾ to be between $(1)-$(3) million, exclusive of any foreign exchange gains or losses

Offshore Gulf of Mexico:

• We expect Offshore Gulf of Mexico operating gross margins⁽¹⁾ to be between $6-$9 million

Other Estimates for Fiscal Year 2021

• Gross capital expenditures are still expected to be approximately $85 to $105 million; roughly one-third expected for maintenance, roughly one-third expected for skidding to walking conversions and roughly one-third for corporate and information technology. Ongoing asset sales include reimbursements for lost and damaged tubulars and sales of other used drilling equipment that offset a portion of the gross capital expenditures and are still expected to total approximately $25 million in fiscal year 2021. Note the sale of the offshore platform rig during the first quarter of fiscal year 2021 is excluded from this number.
• Depreciation is now expected to be approximately $425 million
• Research and development expenses for fiscal year 2021 are now expected to be roughly $25 million
• General and administrative expenses for fiscal year 2021 are still expected to be approximately $160 million

Select Items Included in Net Income per Diluted Share

Second quarter of fiscal year 2021 net loss of $(1.13) per diluted share included $(0.53) in after-tax losses comprised of the following:

• $0.02 of non-cash after-tax gains related to fair market value adjustments to equity investments
• $0.02 of non-cash after-tax gains from discontinued operations related to adjustments resulting from currency fluctuations
• $(0.01) of after-tax losses related to restructuring charges
• $(0.17) of after-tax losses pertaining to the sale of excess drilling equipment and spares
• $(0.39) of non-cash after-tax losses for impairments related to fair market value adjustments to decommissioned rigs that are held for sale

First quarter of fiscal year 2021 net loss of $(0.66) per diluted share included $0.16 in after-tax gains comprised of the following:

• $0.07 of after-tax gains pertaining to the sale of an offshore platform rig
• $0.07 of non-cash after-tax gains from discontinued operations related to adjustments resulting from currency fluctuations
• $0.02 of non-cash after-tax gains related to fair market value adjustments to equity investments
• $(0.00) of after-tax losses related to restructuring charges

Conference Call

A conference call will be held on Friday, April 30, 2021, at 11:00 a.m. (ET) with John Lindsay, President and CEO, Mark Smith, Senior Vice President and CFO, and Dave Wilson, Vice President of Investor Relations, to discuss the Company’s second quarter fiscal year 2021 results. Dial-in information for the conference call is (800) 895-3361 for domestic callers or (785) 424-1062 for international callers. The call access code is ‘Helmerich’. You may also listen to the conference call that will be broadcast live over the internet by logging on to the Company’s website at http://www.helmerichpayne.com and accessing the corresponding link through the investor relations section by clicking on “Investors” and then clicking on “News and Events - Events & Presentations” to find the event and the link to the webcast.

About Helmerich & Payne, Inc.

Founded in 1920, Helmerich & Payne, Inc. (H&P) (NYSE: HP) is committed to delivering industry leading levels of drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for its customers and returns for shareholders. Through its subsidiaries, the Company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies. At March 31, 2021, H&P's fleet included 242 land rigs in the U.S., 32 international land rigs and seven offshore platform rigs. For more information, see H&P online at www.helmerichpayne.com.

Forward-Looking Statements

This release includes “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and such statements are based on current expectations and assumptions that are subject to risks and uncertainties. All statements other than statements of historical facts included in this release, including, without limitation, statements regarding the registrant’s future financial position, operations outlook, business strategy, dividends, budgets, projected costs and plans and objectives of management for future operations are forward-looking statements. For information regarding risks and uncertainties associated with the Company’s business, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s SEC filings, including but not limited to its annual report on Form 10‑K and quarterly reports on Form 10‑Q. As a result of these factors, Helmerich & Payne, Inc.’s actual results may differ materially from those indicated or implied by such forward-looking statements. We undertake no duty to update or revise our forward-looking statements based on changes in internal estimates, expectations or otherwise, except as required by law.

We use our Investor Relations website as a channel of distribution for material company information. Such information is routinely posted and accessible on our Investor Relations website at www.helmerichpayne.com.

Note Regarding Trademarks. Helmerich & Payne, Inc. owns or has rights to the use of trademarks, service marks and trade names that it uses in conjunction with the operation of its business. Some of the trademarks that appear in this release or otherwise used by H&P include FlexRig and AutoSlide, which may be registered or trademarked in the U.S. and other jurisdictions.

(1) Operating gross margin is defined as operating revenues less direct operating expenses.

(2) See the corresponding section of this release for details regarding the select items. The Company believes identifying and excluding select items is useful in assessing and understanding current operational performance, especially in making comparisons over time involving previous and subsequent periods and/or forecasting future periods results. Select items are excluded as they are deemed to be outside of the Company's core business operations.