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Dec 31, 2022
Oil States Q4 2022 Earnings Report
Reported positive operating and net income for a second consecutive quarter, with revenue increasing 7% sequentially and 25% year-over-year.
Key Takeaways
Oil States International reported Q4 2022 results with revenue of $202.4 million, a net income of $2.9 million, or $0.05 per share, and Adjusted EBITDA of $20.5 million. The company's Offshore/Manufactured Products segment saw its backlog increase to $308 million, while the Well Site Services segment benefited from higher U.S. completion and production activity.
Revenue of $202.4 million increased 7% sequentially and 25% year-over-year.
Net income of $2.9 million, or $0.05 per diluted share, was reported.
Offshore/Manufactured Products segment's backlog increased 19% sequentially to $308 million.
Board of Directors approved a $25.0 million stock repurchase plan.
Forward Guidance
Oil States anticipates strong investments by operators in 2023.
Positive Outlook
- High-level of bidding and quoting activity for major offshore projects.
- Higher backlog levels within Offshore/Manufactured Products segment.
- Continued strong industry fundamentals.
- Company has no significant debt maturities until 2026.
- Board of Directors recently approved a $25.0 million stock repurchase program, which extends through February 2025.
Challenges Ahead
- Downhole Technologies segment revenues decreased 10% from the third quarter of 2022.
- Downhole Technologies segment Adjusted Segment EBITDA declined 75% from the third quarter of 2022.
- Weaker revenues and margins in the quarter resulted from the timing of international sales, which can be lumpy from quarter to quarter.
- Supply chain challenges.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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