Innovex International reported a strong third quarter in 2024, highlighted by a transformative merger and a 17% increase in revenue. Net income saw a substantial rise, driven by a bargain purchase gain. The company is ahead of schedule on synergy targets and expresses confidence in future growth and margin expansion.
Closed transformative merger between Innovex Downhole Solutions, Inc. and former Dril-Quip, Inc.
Revenue increased by 17% quarter over quarter, reaching $152 million.
Net Income increased by 766% quarter over quarter, resulting in a Net Income Margin of 54%.
Achieved 100% of the year one synergy target of $15 million annualized savings.
For the fourth quarter of 2024, Innovex anticipates revenue of approximately $220 - $230 million and Adjusted EBITDA of roughly $35 – 40 million, assuming a stable rig count environment.
Visualization of income flow from segment revenue to net income
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