Oil States International Inc (LTS:0A63)
$ 5.3012 -0.0981 (-1.82%) Market Cap: 331.33 Mil Enterprise Value: 437.31 Mil PE Ratio: 0 PB Ratio: 0.49 GF Score: 62/100
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Q2 2024 Oil States International Inc Earnings Call Transcript

Jul 29, 2024 / 02:00PM GMT
Release Date Price: $5.41 (+13.18%)

Key Points

Positve
  • Consolidated revenues and adjusted EBITDA increased by 11% and 38% sequentially, respectively.
  • Offshore and international revenues were up 18% sequentially.
  • Well site services adjusted segment EBITDA increased 30% sequentially.
  • Bookings in the offshore, manufactured products segment improved significantly, totaling $101 million.
  • Cost reduction initiatives yielded strong incremental margins.
Negative
  • Well site services segment revenues decreased by 2% sequentially.
  • The company incurred pretax facility consolidation exit charges of $3.5 million.
  • Patent defense charges amounted to $1 million during the quarter.
  • The US land-driven revenues only increased by 1%, indicating a sluggish domestic market.
  • The company recorded charges of $1.5 million due to the consolidation of Southeast Asian operations.
Operator

Thank you for standing by. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the Oil States second-quarter 2024 earnings conference call. (Operator Instructions)

Thank you. I would now like to turn the call over to Ellen Pennington, Oil States' Assistant Corporate Secretary. Please go ahead.

Ellen Pennington
Oil States International Inc - Senior Counsel and Assistant Corporate Secretary

Good morning, and welcome to Oil States' second-quarter 2024 Earnings Conference Call. Our call today will be led by our President and CEO, Cindy Taylor, and Lloyd Hajdik, Oil States' Executive Vice President and Chief Financial Officer.

Before we begin, we would like to caution listeners regarding forward-looking statements. To the extent that our remarks today contain anything -- contain information other than historical information, please note that we are relying on the safe harbor protections afforded by federal law.

No one should assume these forward-looking statements remain valid

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