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Jun 30, 2021
Oil States Q2 2021 Earnings Report
Reported a net loss with revenue increase driven by offshore production-related equipment and U.S. well completion activity.
Key Takeaways
Oil States International reported a net loss of $15.3 million, or $0.25 per share, for the second quarter of 2021. Revenues increased by 16% sequentially to $145.7 million, and Adjusted Consolidated EBITDA grew 64% to $10.1 million. The company continues to focus on growth areas and rationalize non-performing product lines.
Consolidated revenues increased 16% sequentially and Adjusted Consolidated EBITDA grew 64%.
Offshore/Manufactured Products segment revenues increased 27% from the first quarter.
Downhole Technologies segment revenues increased 5% sequentially.
Well Site Services segment revenues increased 6% from the prior quarter.
Forward Guidance
Oil States continues to focus its operations in growth areas where adequate returns can be generated. Non-performing product lines continue to be rationalized leading to a more profitable revenue mix.
Positive Outlook
- Stronger commodity prices
- Demand for offshore production-related equipment
- Greater U.S. well completion activity
- Recovery in onshore and offshore customer activity
- Continued cost reduction initiatives
Challenges Ahead
- Net loss of $15.3 million
- Non-cash operating lease asset impairment charges
- Restructuring charges
- Effective tax rate benefit
- Cyclical nature of the oil and natural gas industry
Historical Earnings Impact
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Avg. Return Before/After Earnings
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