Oil States Q1 2024 net loss $13.4M; revenue down 20% sequentially; goodwill impairment of $10M

OIL STATES INTERNATIONAL, INC

2024-Q1 EPS reported -$0.21 revenue$167,262,000

Net loss $13.4M ($0.21/share) includes $10M non-cash goodwill impairment; adjusted net loss $1.9M ($0.03/share).
Consolidated revenue $167.3M, down 20% sequentially and 15% YoY; Adjusted EBITDA $15.5M, down 36% sequentially.
Offshore Manufactured Products revenue $86.9M, down 31% sequentially; backlog $305M, book-to-bill 0.8x.
Downhole Technologies revenue $33.1M, operating loss $12.1M due to goodwill impairment; Well Site Services operating loss $0.4M.
ABL facility amended, maturity extended to Feb 2028; cash $24.1M; capex $10.1M for Batam land.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

OIL STATES INTERNATIONAL, INC reported the quarter ended March 31, 2024 results: revenue $167.3 million, net income net loss of $13.4 million, or $0.21 per diluted share, EPS $0.21 per diluted share.

Period: the quarter ended March 31, 2024
Revenue: $167.3 million
Net income: net loss of $13.4 million, or $0.21 per diluted share
EPS: $0.21 per diluted share
Result: reported results

Exact text from the filing

after-tax, or $0.15 per share) • Net loss of $1.9 million, or $0.03 per diluted share, excluding goodwill and other charges (a non-GAAP measure (1) ) • Consolidated revenues of $167.3 million decreased 20% sequentially, driven primarily by the timing of conversion of orders from backlog • Adjusted EBITDA (a non-GAAP measure (1) ) of $15.5 million • Received two 2024

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Source: SEC EDGAR

accession 0001121484-24-000036

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