Oil States International (OIS) Q4 2024 earnings summary

Executive summary

• Achieved strong momentum in Q4 2024, driven by offshore and international demand, while U.S. land-based activities faced headwinds and seasonality.

• Reported Q4 2024 net income of $15.2M ($0.24/share), including a $15.3M facility sale gain and $3.1M in restructuring charges; adjusted net income was $5.5M ($0.09/share).

• International and offshore revenues accounted for 72% of consolidated revenues, with U.S. land-driven revenues at 28%.

• Consolidated revenues were $164.6M, down 6% sequentially and 21% year-over-year, mainly due to lower U.S. land activity and service line exits.

• Continued strategic optimization, including exiting underperforming U.S. locations and business lines.

Financial highlights

• Q4 2024 revenues were $165 million; adjusted consolidated EBITDA was $19 million.

• Adjusted net income was $5.5 million, or $0.09 per share, excluding a $15.3 million gain from a facility sale and $3.1 million in restructuring charges.

• Generated $18 million in cash flows from operations and repurchased $9 million of common stock in Q4.

• Offshore Manufactured Products segment revenues grew 5% sequentially to $107.3 million, with adjusted segment EBITDA of $24.7 million and a 23% margin.

• Completion and Production Services segment revenues were $30.1 million, with adjusted segment EBITDA of $3.5 million; Downhole Technology segment had $27.3 million in revenue and break-even EBITDA.

Outlook and guidance

• 2025 full-year revenue guidance: $700–$735 million; EBITDA: $88–$93 million.

• Q1 2025 guidance: revenues of $160–$170 million and EBITDA of $17.5–$18.5 million.

• 2025 cash flows from operations expected at $65–$75 million; CapEx planned at $25 million.

• Offshore and international operations remain resilient with strong bookings and backlog; U.S. land operations expected to benefit from ongoing restructuring and business mix optimization.

• Profitability improvements expected in Completion and Production Services and Downhole Technology segments due to restructuring and new technology introductions.