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Jun 30, 2020
Oil States Q2 2020 Earnings Report
Reported a net loss due to the impact on the energy industry caused by the COVID-19 pandemic and the resulting inventory builds.
Key Takeaways
Oil States International, Inc. reported a net loss of $24.6 million for the second quarter of 2020, with revenues of $146.2 million. The company faced significant challenges due to the COVID-19 pandemic and the resulting decline in U.S. land-based drilling and completion activity. However, the Offshore/Manufactured Products segment showed resilience, and the company implemented cost reduction measures and managed its debt and cash flow.
Net loss of $24.6 million, or $0.41 per share, on revenues of $146.2 million.
Offshore/Manufactured Products segment revenues increased 4% due to project-driven revenues.
Generated $39 million of cash flow from operations and bought in $12 million principal amount of convertible senior notes at a 51% discount.
Amended bank credit facility to secure a covenant holiday through March 30, 2021, and reduced the facility size to $200 million.
Forward Guidance
No specific forward guidance was provided in the earnings report.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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