NEW YORK (TheStreet) -- Newpark Resources (NR) shares are up 6.6% to $12.37 following the release of the company's first quarter earnings results.
The diversified oil and gas producer reported revenues of $242.8 million, a 9.4% year over year quarterly decrease.
Net income for the quarter was $35 million, or 36 cents per diluted share, beating analysts estimates of 16 cents per share. The net income tally included $22 million, or 22 cents per diluted share, from the sale of the company's environmental services business.
"Looking forward, with the sale of our environmental services business now complete, we believe we are well positioned to capitalize on growth opportunities in both our global drilling fluids markets and our mats markets and enhance shareholder value," said CEO Paul Howes.