Drilling Tools International Corp. ( (DTI) ) has released its Q3 earnings. Here is a breakdown of the information Drilling Tools International Corp. presented to its investors.
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Drilling Tools International Corp. is a Houston-based oilfield services company specializing in the design, engineering, and rental of tools for horizontal and directional drilling operations in the oil and gas sector. It operates through a network of service centers across North America and internationally.
In its third-quarter earnings report for 2024, Drilling Tools International Corp. announced total consolidated revenues of $40.1 million, with tool rental revenues contributing $28.1 million and product sales adding $12 million. Despite facing industry challenges, the company demonstrated resilience by executing its acquisition growth strategy effectively.
Key highlights from the financial report include an income from operations of $4.3 million and a net income of $867,000. Adjusted EBITDA stood at $11.1 million, with an adjusted free cash flow of $7.8 million. The company also reported a healthy cash position of approximately $12 million and net debt of $32.1 million as of September 30, 2024.
Moving forward, Drilling Tools International Corp. is optimistic about capturing growth opportunities in the expected industry upcycle over the next few years. The company has revised its 2024 outlook to account for current market conditions, reinforcing its commitment to strategic growth and cost management to enhance its market position.
