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Jun 30, 2023
Oil States Q2 2023 Earnings Report
Reported a slight increase in revenue year-over-year, but a decrease sequentially, with net income of $0.6 million.
Key Takeaways
Oil States International, Inc. reported net income of $0.6 million, or $0.01 per share, for the second quarter of 2023 on revenues of $183.5 million and Adjusted EBITDA of $19.0 million. The company's results reflect activity declines in U.S. shale basins offset by growth in offshore and international regions. They generated strong cash flow from operations of $44.7 million.
Net income of $0.6 million, or $0.01 per diluted share, was reported for the quarter.
Revenue of $183.5 million increased 1% year-over-year but decreased 6% sequentially.
Adjusted EBITDA of $19.0 million increased $2.0 million year-over-year but decreased $2.4 million sequentially.
Offshore/Manufactured Products segment's backlog increased sequentially for a fourth consecutive quarter, totaling $338 million.
Revenue by Segment
Forward Guidance
Oil States confirms its full-year guidance of $92 to $100 million of Adjusted EBITDA based upon expected contributions from the ongoing recovery in offshore activity.
Positive Outlook
- Ongoing recovery in offshore activity.
- Backlog growth at Offshore/Manufactured Products segment.
- Strong cash flow from operations.
- Repaid all amounts outstanding under the revolving credit facility.
- Strong position to create stockholder value.
Challenges Ahead
- Activity declines in U.S. shale basins.
- Sequentially weaker second quarter revenues.
- Sequentially weaker second quarter Adjusted EBITDA.
- Operating results included a $1.0 million non-cash provision for excess and obsolete inventory in Downhole Technologies.
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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