NYSE$OIS
Oil States International Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Reported a net loss due to goodwill impairment and decreased revenues.
Oil States International reported a net loss of $13.4 million, or $0.21 per diluted share, for Q1 2024. Consolidated revenues decreased by 20% sequentially to $167.3 million, and Adjusted EBITDA was $15.5 million. The results were impacted by seasonality, the timing of revenue recognition in the Offshore Manufactured Products segment, and a non-cash goodwill impairment charge of $10.0 million.
- Net loss of $13.4 million, or $0.21 per diluted share, reported for the quarter, including a $10.0 million non-cash goodwill impairment charge.
- Excluding goodwill and other charges, net loss was $1.9 million, or $0.03 per diluted share (non-GAAP).
- Consolidated revenues decreased 20% sequentially to $167.3 million, driven by the timing of order conversions from backlog.
- Adjusted EBITDA was $15.5 million.
Headline financials
Revenue & EPS history
Oil States · Revenue · Quarterly
$167M
Revenue by segment
Oil States · $134M total across 2 segments · Q3 2023
- Offshore Manufactured Products$111M+15.7%82.6%
- Downhole Technologies$23.4M-28.6%17.4%
Forward guidance
Oil States anticipates continued expansion in offshore activity globally, coupled with enhanced competitive positioning through recent technology introductions. They expect the benefits of their expanded technology offering to extend beyond the next couple of years.
Tailwinds
- Continued expansion in offshore activity globally.
- Enhanced competitive positioning in each business segment through recent new technology introductions.
- Benefits of expanded technology offering are expected to extend well beyond the next couple of years.
- Received two 2024 Spotlight on New Technology™ Awards from the Offshore Technology Conference for Ultra-deepwater Swift™ connector design and ACTIVEHub™ platform with ACTIVELatch™ technology.
- The company amended its ABL Facility during the quarter to extend the maturity date to February 16, 2028.
Headwinds
- First quarter consolidated revenues and Adjusted EBITDA decreased sequentially due primarily to the impacts of seasonality and timing of revenue recognition for percentage-of-completion projects in Offshore Manufactured Products segment.
- Certain orders moved out of the quarter, resulting in a quarterly book-to-bill ratio of 0.8x.
- Completion Services and Downhole Technologies businesses have begun to recover from the fourth quarter 2023 activity slow-down, but progress was slow.
- Cost control and other reduction measures are being implemented in areas with lower activity, particularly the gas basins.
- Company does not expect much recovery over the next couple of quarters.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+1.0%
Avg return
Earnings day
+0.7%
Avg return
5 days after
+1.0%
Avg return
30 days after
53%
36 / 68 earnings
Positive
+25.0%
Q4 2025
Best reaction
-23.9%
Q1 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -13.6% | -22.3% | -22.2% | |
| Q4 2025 | +25.0% | +34.3% | +21.6% | |
| Q3 2025 | +3.5% | -2.4% | -4.1% | |
| Q1 2025 | +23.1% | +18.8% | +23.9% | |
| Q4 2024 | -11.7% | -0.7% | -1.5% | |
| Q3 2024 | +13.2% | +12.9% | +31.6% | |
| Q2 2024 | +17.1% | +12.4% | +9.9% | |
| Q1 2024 | -23.9% | -24.2% | -14.3% | |
| Q4 2023 | -6.9% | -9.0% | +0.3% | |
| Q3 2023 | +4.6% | +1.0% | -3.8% | |
| Q2 2023 | -11.8% | -10.9% | -13.7% | |
| Q1 2023 | -5.6% | -8.4% | -7.8% | |
| Q4 2022 | +9.1% | +6.0% | -15.8% | |
| Q3 2022 | -0.9% | +13.5% | +11.8% | |
| Q2 2022 | -0.8% | +0.2% | +7.4% | |
| Q1 2022 | +4.3% | +5.4% | +19.9% | |
| Q4 2021 | -1.2% | -14.8% | +1.1% | |
| Q3 2021 | +1.3% | +12.5% | -20.8% | |
| Q2 2021 | -0.7% | -8.7% | -0.8% | |
| Q1 2021 | +6.6% | +3.9% | +14.6% | |
| Q4 2020 | -4.5% | +4.8% | -6.6% | |
| Q3 2020 | -1.2% | +13.9% | +89.3% | |
| Q2 2020 | -6.7% | -7.1% | -8.5% | |
| Q1 2020 | +20.7% | +14.4% | +48.8% | |
| Q4 2019 | -7.4% | -18.5% | -81.7% | |
| Q3 2019 | +7.3% | +11.2% | +16.0% | |
| Q2 2019 | +8.1% | +1.8% | -0.8% | |
| Q1 2019 | +1.8% | +4.6% | -13.0% | |
| Q4 2018 | -1.5% | +4.7% | -10.5% | |
| Q3 2018 | +0.9% | -2.1% | -2.0% | |
| Q2 2018 | +3.1% | -2.7% | +1.8% | |
| Q1 2018 | +12.6% | +8.9% | +6.1% | |
| Q4 2017 | -2.7% | -1.4% | -9.0% | |
| Q3 2017 | -4.6% | +2.0% | +0.7% | |
| Q2 2017 | -9.0% | -5.8% | -17.7% | |
| Q1 2017 | -8.3% | -11.0% | -10.0% | |
| Q4 2016 | -8.9% | -11.3% | -19.9% | |
| Q3 2016 | -4.5% | -6.9% | +5.6% | |
| Q2 2016 | +4.3% | +7.1% | +11.7% | |
| Q1 2016 | +4.2% | — | — | |
| Q4 2015 | -1.0% | — | — | |
| Q3 2015 | +2.0% | — | — | |
| Q2 2015 | +8.9% | — | — | |
| Q1 2015 | +9.5% | — | — | |
| Q4 2014 | -0.5% | — | — | |
| Q3 2014 | +0.9% | — | — | |
| Q2 2014 | -2.2% | — | — | |
| Q1 2014 | -2.5% | — | — | |
| Q4 2013 | -2.8% | — | — | |
| Q3 2013 | +1.1% | — | — | |
| Q2 2013 | +2.4% | — | — | |
| Q1 2013 | -3.3% | — | — | |
| Q4 2012 | -1.7% | — | — | |
| Q3 2012 | -1.6% | — | — | |
| Q2 2012 | -1.7% | — | — | |
| Q1 2012 | +8.3% | — | — | |
| Q4 2011 | +1.3% | — | — | |
| Q3 2011 | +4.3% | — | — | |
| Q2 2011 | +1.8% | — | — | |
| Q1 2010 | +5.4% | — | — | |
| Q1 2011 | +2.4% | — | — | |
| Q4 2008 | -4.1% | — | — | |
| Q4 2010 | -4.1% | — | — | |
| Q3 2010 | +0.5% | — | — | |
| Q3 2009 | +0.5% | — | — | |
| Q2 2010 | +2.9% | — | — | |
| Q2 2009 | +2.9% | — | — | |
| Q4 2009 | +2.9% | — | — |
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