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Sep 30, 2021
Oil States Q3 2021 Earnings Report
Reported a net loss due to Hurricane Ida's impact and a non-cash inventory impairment charge.
Key Takeaways
Oil States International reported a net loss of $13.0 million, or $0.22 per share, for Q3 2021. Results were negatively impacted by Hurricane Ida and included a non-cash inventory impairment charge of $2.1 million and severance/restructuring charges of $0.7 million. Revenues were $140.5 million, and Adjusted Consolidated EBITDA was $8.5 million.
Hurricane Ida significantly impacted operations, reducing Q3 revenues and EBITDA by an estimated $5.9 million and $3.0 million, respectively.
Offshore/Manufactured Products segment revenues decreased by 10% due to Hurricane Ida-related delays, with Adjusted Segment EBITDA decreasing to $8.6 million.
Well Site Services segment revenues increased by 9%, driven by higher U.S. land-based activity, though offset by reduced Gulf of Mexico work due to Hurricane Ida.
Downhole Technologies segment revenues decreased by 5% due to lower international demand for perforating products, with Adjusted Segment EBITDA at $1.4 million.
Forward Guidance
No specific forward guidance was provided in the release.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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