Drilling Tools International reports Q1 2024 revenue of $37M, reaffirms full-year outlook

Drilling Tools International Corp

2024-Q1 EPS reported $0.11 revenue$36,974,000

Q1 revenue $37M: Tool Rental $30M, Product Sales $7M.
Net income $3.1M, Adj. net income $3.8M; Adj. EBITDA $10.9M; Adj. free cash flow $4.7M.
Ended quarter with $14M cash, net debt $11M; undrawn $80M ABL facility.
Agreed to acquire Superior Drilling Products and closed Deep Casing Tools acquisition.
Reaffirmed 2024 outlook: revenue $170M-$185M, Adj. EBITDA $50M-$58.5M.

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

Drilling Tools International Corp reported first quarter 2024 results: revenue $37 million, net income $3.1 million.

Period: first quarter 2024
Revenue: $37 million
Net income: $3.1 million
Result: reported results

Exact text from the filing

DTI generated total consolidated revenue of $37 million in the first quarter of 2024. First quarter Tool Rental net revenue was approximately $30 million and Product Sales net revenue totaled $7 million. First quarter operating expenses were $31.8 million and operating income was $5.1 million. Net Income and Adjusted Net Income (1) for the first quarter were $3.1 million and $3.8 million, respectively.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Drilling Tools International Corp reported full-year 2024 results: revenue $170 million - $185 million. Guidance reaffirmed.

Period: full-year 2024
Revenue: $170 million - $185 million
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

from the pending acquisition of Superior Drilling Products. We will update 2024 guidance to include SDP once we close the transaction.” 2024 Full Year Outlook Revenue $170 million - $185 million Adjusted Net Income (1) $15.6 million - $21.9 million Adjusted EBITDA (1) $50 million - $58.5 million Adjusted EBITDA Margin (1) 29% - 32% Adjusted Free Cash Flow

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Source: SEC EDGAR

accession 0001140361-24-025268

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