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01/10 16:57
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call highlights strong international growth, met or exceeded financial guidance, and strategic streamlining. Despite challenges like tariffs and oil price declines, management's proactive measures and strong demand (book-to-bill ratio of 1.5) are promising. The Q&A indicates sustained drilling programs and margin improvements. Share repurchases and a high backlog further support a positive outlook. Given these factors, a positive stock price movement is likely, with potential for a 2% to 8% increase.
Revenue $160 million, an increase from previous year due to strength in international offerings and recovery in Gulf of America operations.
Adjusted EBITDA $19 million, reflecting strong operational performance and cost management.
Adjusted Net Income $4 million or $0.06 per share, after excluding facility exit charges of $1 million.
Offshore Manufactured Product Segment Revenue $93 million, with adjusted segment EBITDA of $18 million; margin decreased to 19% from 23% in the previous quarter.
Completion and Production Services Segment Revenue $35 million, with adjusted segment EBITDA of $9 million; margin increased to 25% from 12% in the previous quarter due to higher activity.
Downhole Technology Segment Revenue $33 million, with adjusted segment EBITDA of $2 million.
Cash Flow from Operations $9 million, reversing the historical trend of negative cash flow in Q1.
CapEx $9 million, with $3 million associated with the new Batam, Indonesia facility.
Share Repurchases $5 million utilized for share repurchases.
Book-to-Bill Ratio 1.5 times for the quarter, indicating strong demand and bookings totaling $136 million.
Backlog Highest level since September 2015, driven by strong international and offshore demand.
New Facility: $3 million was associated with our new Batam, Indonesia facility.
Backlog: Highest level of backlog since September 2015 with a book-to-bill ratio of 1.5 times for the quarter.
Revenue Guidance: Revenue guidance for the full year 2025 is $700 million to $735 million.
Quarterly Revenue Guidance: Upcoming quarter suggests revenue will be generated in a range of $170 million to $180 million.
Cash Flow from Operations: Generated $9 million of cash flow from operations, reversing a historical trend of negative cash flow in Q1.
CapEx: $9 million of CapEx funded during the quarter.
Strategic Actions: Implemented strategic actions to mitigate negative tariff impacts, including shifting to alternate sources of supply and optimizing the supply chain.
Tariffs and Economic Uncertainty: The imposition of broad-based tariffs by the United States on global trading partners has created market uncertainty, impacting individual companies and raising the risk of broader economic consequences, including a heightened possibility of a recession.
Global Crude Oil Prices: Planned increases in OPEC+ oil production levels have negatively impacted global crude oil prices, which declined significantly in April, potentially affecting domestic market conditions and activity levels.
Supply Chain Challenges: The company faces challenges related to tariffs on imported steel tubing and components, which are expected to increase costs for completed products. However, the company has implemented strategic actions to mitigate these impacts.
Domestic Market Conditions: Domestic market conditions and activity levels could come under pressure during 2025 due to weaker crude oil prices, which may affect the company's overall performance.
Reliance on Imported Goods: While the company has limited reliance on imported goods, the downhole technology segment does depend on some imports, which could be affected by tariffs.
Strategic Actions: Implemented a series of strategic actions to assess and mitigate negative tariff impacts, including the use of temporary import bonds, shifting to alternate sources of supply, and optimizing the supply chain.
Capital Expenditures: $9 million of CapEx was funded during the quarter, with $3 million associated with the new Batam, Indonesia facility.
Share Repurchases: $5 million of share repurchases were executed during the quarter.
Global Diversification: Oil States benefits from significant global diversification with operations outside the U.S. in major offshore oil and gas basins.
Focus on Growth: Dedicated to growing operations and strategically investing in profitable business areas supported by advanced technologies.
Q1 2025 Revenue Guidance: Guided revenue of $160 million to $170 million for Q1 2025, which was met or exceeded.
Q1 2025 EBITDA Guidance: EBITDA expected to range from $17.5 to $18.5 million for Q1 2025, which was also met or exceeded.
Full Year 2025 Revenue Guidance: Revenue guidance for full year 2025 is $700 million to $735 million.
Full Year 2025 EBITDA Guidance: EBITDA guidance for full year 2025 is between $88 million and $93 million.
Q2 2025 Revenue Guidance: Guidance for Q2 2025 suggests revenue will be in the range of $170 million to $180 million.
Q2 2025 EBITDA Guidance: EBITDA for Q2 2025 is expected to range from $20 million to $22 million.
Cash Flow from Operations: Expected cash flows from operations for the full year to range between $65 million and $75 million.
CapEx for Full Year 2025: Planned CapEx for the full year is expected to total $25 million.
Share Repurchases: $5 million of share repurchases were executed during the quarter.
Future Share Repurchases: Plans to be very opportunistic regarding share repurchases given the currently low stock price.
The earnings call reveals mixed signals: strong cash flow and backlog, but challenges like tariffs and revenue decline in U.S. land-based activity. Optimistic guidance on future cash flow and backlog supports a neutral sentiment. However, unclear management responses and negative EBITDA in the Downhole Technologies segment temper positive aspects. Given these factors, stock price movement is expected to remain stable in the short term.
The earnings call reveals strong financial metrics, including a high backlog, robust bookings, and a positive book-to-bill ratio. The company is strategically exiting low-margin operations, resulting in improved EBITDA and free cash flow. Despite a decline in U.S. land-based revenues, the focus on offshore and international markets offers stability. The Q&A highlights management's confidence in future growth and margin improvement. Although CapEx is slightly above initial guidance, it's offset by asset sales. Overall, the positive outlook and strategic focus on high-margin areas suggest a positive stock price movement.
The earnings call highlights strong international growth, met or exceeded financial guidance, and strategic streamlining. Despite challenges like tariffs and oil price declines, management's proactive measures and strong demand (book-to-bill ratio of 1.5) are promising. The Q&A indicates sustained drilling programs and margin improvements. Share repurchases and a high backlog further support a positive outlook. Given these factors, a positive stock price movement is likely, with potential for a 2% to 8% increase.
The earnings call reveals mixed signals: positive EPS growth and share repurchases are offset by flat market conditions and operational challenges. The Q&A section highlights comfort with debt levels and potential revenue growth, but also reveals management's unclear response to margin-related queries. The strategic plan includes promising partnerships and technology introductions but faces regulatory and market risks. Given these factors, the stock price is likely to remain stable, leading to a neutral sentiment.
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