Oil States International reported consolidated revenues of $174.3 million for the third quarter of 2024, marking a 10% decrease year-over-year. The company posted a net loss of $14.3 million, or $0.23 per share, and Adjusted EBITDA of $21.5 million, down 8% year-over-year. These results included $18.2 million in charges associated with the restructuring of U.S. land-based operations, facility closures, patent defense, and personnel reductions.
The Offshore Manufactured Products segment demonstrated resilience, with revenues increasing 6% year-over-year to $102.2 million and Adjusted Segment EBITDA rising 7% to $23.3 million. The segment's backlog stood at $313 million as of September 30, 2024, with a quarterly book-to-bill ratio of 1.1x, indicating strong international project activity. The company noted growing market acceptance for new technology offerings such as the integrated riser joint used in managed pressure drilling operations.
Conversely, the Completion and Production Services segment saw revenues decrease 33% year-over-year to $40.1 million, resulting in an operating loss of $18.3 million and Adjusted Segment EBITDA of $5.4 million. This segment implemented restructuring actions, including the exit of two service offerings and the closure of five underperforming facilities. The Downhole Technologies segment also experienced a 17% year-over-year revenue decrease to $32.0 million, with an operating loss of $3.7 million and Adjusted Segment EBITDA of $1.1 million, partly due to the exit of an underperforming location.
Cash flows provided by operations totaled $28.8 million for the quarter, contributing to a $20.5 million reduction in net debt. The company repurchased $2.8 million of its common stock during the quarter. On October 24, 2024, the Board of Directors authorized a new $50 million share repurchase program, replacing the existing one, signaling a commitment to shareholder returns.
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