Oil States International reported Q4 2024 revenues of $164.6 million, a 21% decrease year-over-year, but achieved net income of $15.2 million, or $0.24 per share. Adjusted EBITDA for the quarter was $18.7 million, down 22% year-over-year. The Q4 net income included a $15.3 million gain from the sale of an idled facility, partially offset by $3.1 million in charges related to U.S. land-based operations restructuring and facility closures.
For the full year 2024, the company reported revenues of $692.6 million and a net loss of $11.3 million, or $0.18 per share. Full-year Adjusted EBITDA stood at $77.0 million. These annual results included a $10.0 million non-cash goodwill impairment charge and $28.3 million in restructuring charges, partially offset by the $15.3 million gain from the facility sale.
The Offshore Manufactured Products segment demonstrated resilience, with revenues increasing 5% sequentially to $107.3 million and Adjusted Segment EBITDA rising 6% sequentially to $24.7 million. The segment's backlog was $311 million as of December 31, 2024, with a quarterly book-to-bill ratio of 1.1x. In contrast, U.S. land-driven operations, including Completion and Production Services and Downhole Technologies, experienced ongoing declines due to holiday slowdowns and continued restructuring efforts.
Cash flows provided by operations totaled $18.2 million in Q4 2024, and cash flows from investing activities were $11.1 million, resulting in $29.3 million in free cash flow. Net debt was reduced by $19.4 million during the quarter, and the company repurchased $9.1 million of common stock. Cash on-hand at year-end was $65.4 million, with no borrowings outstanding under its ABL facility.
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