Oil States International ( (OIS) ) has realeased its Q3 earnings. Here is a breakdown of the information Oil States International presented to its investors.
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Oil States International, Inc. is a global provider of manufactured products and services catering to the energy, industrial, and military sectors, headquartered in Houston, Texas, and publicly traded on the New York Stock Exchange under the symbol ‘OIS’.
In the third quarter of 2024, Oil States International reported a net loss of $14.3 million, or $0.23 per share, primarily due to restructuring charges. However, the company’s adjusted net income stood at $2.7 million, or $0.04 per share, when excluding these charges. The company’s revenue totaled $174.3 million, marking a 6% sequential decrease.
The quarter saw a notable performance in the Offshore Manufactured Products segment, which reported a 16% increase in Adjusted Segment EBITDA, despite flat revenues. Meanwhile, the Completion and Production Services segment faced challenges with a significant operating loss attributed to restructuring actions. The Downhole Technologies segment also recorded a decline in revenues and Adjusted Segment EBITDA.
Moving forward, Oil States International remains optimistic about the offshore and international project-driven business, with expectations of resuming activities in the Gulf of Mexico in the fourth quarter following recent delays. The company’s strategic optimization efforts are anticipated to enhance operating margins in future periods.
