Drilling Tools Q3 revenue $38.1M (+4.4% YoY); net income $4.3M vs $6.7M; FY outlook reiterated

Drilling Tools International Corp

2023-Q3 EPS reported $0.46 revenue$116,845,000

Net revenue $38.1M, up 4.4% from $36.5M in Q3 2022; rental tool revenue rose 9.4% to $29.4M.
Net income $4.3M ($0.21 diluted EPS) vs $6.7M ($0.36) in Q3 2022; higher tax, personnel, and insurance costs drove decline.
Adjusted EBITDA $12.7M vs $13.0M in prior-year quarter; cash $4.0M and undrawn $60M revolver.
Maintains FY2023 guidance: revenue $150-158M, Adj. EBITDA $50-54M, net income $12-19M, capex $44-46M.
CEO notes revenue fell only 5% from Dec 2022 vs ~20% rig count decline, outperforming the market.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Drilling Tools International Corp reported the third quarter ended September 30, 2023 results: revenue $38.1 million, net income $4.3 million, EPS $0.21 per diluted share.

Period: the third quarter ended September 30, 2023
Revenue: $38.1 million
Net income: $4.3 million
EPS: $0.21 per diluted share
Result: reported results

Exact text from the filing

Net Revenue of $38.1 million increased 4.4% from $36.5 million in Q3 2022

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Source: SEC EDGAR

accession 0001193125-23-276116

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