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Sep 30, 2023
Oil States Q3 2023 Earnings Report
Oil States reported net income and increased revenue driven by offshore and international activity.
Key Takeaways
Oil States International, Inc. reported a net income of $4.2 million, or $0.07 per share, and Adjusted EBITDA of $23.4 million for Q3 2023 on revenues of $194.3 million. The results were boosted by higher offshore and international activity, particularly in the Offshore/Manufactured Products segment, which saw revenue increase by 18% sequentially.
Net income was $4.2 million, or $0.07 per diluted share.
Consolidated revenue of $194.3 million increased 6% sequentially.
Adjusted EBITDA increased 23% sequentially to $23.4 million.
Offshore/Manufactured Products segment revenue increased 18% sequentially to $111.0 million.
Revenue by Segment
Forward Guidance
Oil States anticipates continued growth in offshore and international activity, driven by customer acceptance of new technologies and growing backlog levels in the Offshore/Manufactured Products segment, alongside an improving commodity price environment.
Positive Outlook
- Continued up-cycle in offshore and international activity.
- Customer acceptance of recent technology introductions.
- Growing backlog levels in Offshore/Manufactured Products segment.
- Improving commodity price environment.
- Expect U.S. activity to recover into 2024.
Challenges Ahead
- Industry-wide decline in U.S. well completions ongoing since the start of 2023.
- U.S. activity declines triggered by weaker commodity prices earlier in the year.
- Facility consolidation charges of $1.6 million associated with planned sales of certain manufacturing and service locations and the relocation of related equipment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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