The following is a summary of the Oil States International, Inc. (OIS) Q1 2024 Earnings Call Transcript:
Financial Performance:
Oil States International reported Q1 revenue of $167 million and adjusted consolidated EBITDA of $15 million. The company noted a net loss of $13 million or $0.21 per share, including a non-cash goodwill impairment charge of $10 million and facility consolidation and other charges amounting to $2.5 million. Excluding these charges, the adjusted net loss was $1.9 million or $0.03 per share.
The company invested $8 million in land and CapEx, while cash flows from operations totalled $11 million. With no current borrowings under the revolving credit facility, available liquidity stands at $110 million.
Business Progress:
The company has made segment changes to better reflect the underlying activity demand drivers for their business and management approach.
In the first quarter of 2024, there was a slowdown in drilling and subsea equipment orders, but the company anticipates recovery in forthcoming quarters.
Oil States International received two 2024 Spotlight on New Technology Awards for their Swift Ultra-Deepwater Connector and ACTIVEHub platform, highlighting their continued investment in technology and innovation.
The company purchased land in Batam and embarked on construction with completion aimed for the first half of 2025.
In terms of operations, the company is focusing on cost management and, in light of competitors' struggles, is considering a strategic shift to consolidate their competitive position.
More details: Oil States International IR
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