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Dec 31, 2024
Dril-Quip Q4 2024 Earnings Report
Demonstrated the earnings power of platform with margin enhancement opportunities in 2025 as Dril-Quip synergies are fully realized and the DWS business is fully integrated.
Key Takeaways
Innovex Intl Inc. reported a strong fourth quarter, driven by the Dril-Quip and DWS acquisitions. The company is focused on integrating these businesses and realizing synergies, with a goal of achieving EBITDA margins of 25% or greater. A share repurchase program was authorized, providing a new avenue for shareholder returns.
Revenue increased by 89% year-over-year to $251 million, driven by the Dril-Quip and DWS acquisitions.
EBITDA margin increased sequentially from 18% to 20% due to strong execution on synergies.
Free cash flow for the fourth quarter of 2024 was $29 million, a sequential increase of $9 million.
The company authorized a $100 million share repurchase program.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the first quarter of 2025, Innovex expects adjusted EBITDA of $45 to $50 million and revenues of $245 to $255 million.
Positive Outlook
- Benefit from two additional months of impact from DWS in Q1 2025 versus Q4.
Challenges Ahead
- Mexico market looks pretty tough to start the year.
- Gulf of Mexico business, very strong business, but probably a little bit fewer deliveries in Q1 than we would otherwise have.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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