What factors drove the changes in Oil States's revenue and profit?

What is the revenue and EPS growth rate for Oil States year over year?

What were the key takeaways from Oil States’s earnings call?

What is Oil States's latest dividend and current dividend yield?

What guidance did Oil States's management provide for the next earnings period?

Did Oil States beat or miss consensus estimates last quarter?

What is Oil States's gross profit margin?

What were the key takeaways from Oil States's earnings call?

- **Offshore Dominance**: 75% of Q3 revenue from offshore/international projects, up sequentially and year-over-year.
- **Tariff Challenges**: Downhole Technologies EBITDA negative due to 95% tariffs; mitigation strategies include global supply diversification.
- **Backlog Growth**: $399M backlog, Q3 bookings $145M (1.3x book-to-bill), driven by military and international orders.
- **Cash Flow Strength**: $31M Q3 cash flow, $100M+ full-year target; Q4 EBITDA guidance $21-22M, with focus on free cash flow generation.
- **Strategic Shifts**: Moving away from commoditized U.S. land services, focusing on high-margin offshore technologies and military contracts.
- **Future Outlook**: Offshore growth driven by lower breakeven projects; MPD, FlexJoint, and subsea recovery systems key growth areas.


**【CEO Summary Section】**
- **Revenue Shift to Offshore**: 75% of Q3 revenue from offshore/international projects, up sequentially and year-over-year, reflecting strategic focus on higher-margin, long-cycle work.
- **Tariff Impact**: Downhole Technologies segment EBITDA negative due to 95% tariffs on imported gun steel, with plans to mitigate through global supply chain diversification.
- **Backlog Strength**: $399M backlog, Q3 bookings $145M (1.3x book-to-bill), driven by military and international orders.
- **Cash Flow**: $31M cash flow from operations, $23M free cash flow, with $4M share buybacks and debt reduction.

**【CFO Financial Commentary】**
- **Q3 Financials**: Revenues $165M, adjusted EBITDA $21M. Offshore/Manufactured Products segment EBITDA margin 21%, Completion and Production Services 29%.
- **Cost Management**: Sequential 11% U.S. land activity decline, but EBITDA growth in Completion and Production Services due to restructuring.
- **Outlook**: Q4 revenue +8% to +13% YoY, EBITDA $21-22M. Full-year cash flow from operations >$100M, with focus on deleveraging and returns to shareholders.

**【Q&A Highlights】**
- **Tariff Mitigation**: Evaluating global supply chains, including Indonesia-based manufacturing, to reduce Downhole Technologies costs.
- **U.S. Land Strategy**: High-grading portfolio to focus on high-margin, selective businesses; mid-teens EBITDA margins in Completion and Production Services.
- **Offshore Growth**: Secular shift to offshore projects with lower breakeven prices; FlexJoint, MPD, and subsea mineral recovery technologies driving demand.
- **Military Orders**: Q3 bookings boosted by defense contracts, with multiyear delivery timelines.
- **Cash Flow Strength**: Q4 cash flow expected to improve, with free cash flow yield leading the industry.


Oil States International, Inc. (OIS) Q3 2025 Earnings Call Transcript

- **Offshore Dominance**: 72% of Q2 revenue from offshore/international, up significantly year-over-year, driving $21 million segment EBITDA with 20% margin.
- **Free Cash Flow Growth**: Generated $8 million free cash flow, used to repurchase $22 million in securities and reduce debt.
- **Margin Expansion**: Guided for EBITDA margins to expand to upper 20s-30s by 2026 through offshore mix shift and U.S. land restructuring.
- **Backlog Strength**: $363 million backlog (highest since 2015) with 1.2x year-to-date book-to-bill ratio, supporting 2025 EBITDA guidance.

**【CEO Summary Section】**
- **Revenue Shift to Offshore**: 72% of Q2 2025 revenue derived from offshore/international projects, up significantly year-over-year, driven by strategic focus on high-margin international projects and U.S. land optimization.
- **Offshore Segment Strength**: Offshore/Manufactured Products segment revenue increased 15% sequentially, EBITDA rose 18% to $21 million, with a 20% margin. Backlog reached $363 million (highest since 2015) and bookings of $112 million, yielding a 1.1x Q2 book-to-bill ratio and 1.2x year-to-date.
- **Cash Flow and Capital Allocation**: Generated $8 million free cash flow, used to repurchase $7 million in stock and $15 million in convertible notes. Capital expenditures of $10 million included new manufacturing facility in Indonesia and low-impact workover equipment.
- **U.S. Land Restructuring**: Exited 3 land-based facilities, reducing workforce, with Q2 U.S. land-directed activity down 8% (rig count) and 14% (frac spreads) due to lower oil prices and industry activity.

**【CFO Financial Commentary】**
- **Q2 Financials**: Revenues $165 million, adjusted EBITDA $21 million, net income $3 million ($0.05/share). Offshore segment margin 20%, up from 19% Q1; Completion & Production Services margin 28% (vs. 25% Q1) due to facility sales gains.
- **Liquidity and Debt**: Maintained $0 borrowings on asset-based credit facility. Repurchased $7 million stock and $15 million convertible notes. Amended credit facility to lower interest costs ahead of $15 million convertible note maturity in 2026.
- **Guidance Update**: Full-year EBITDA maintained at $88-93 million, but revenue revised to $685-700 million (down from prior range) due to U.S. land streamlining. Q3 revenue guidance $165-170 million, EBITDA $21-23 million.

**【Q&A Key Highlights】**
- **Offshore Demand Resilience**: CEO Cindy Taylor emphasized offshore project execution strength, with book-to-bill >1.0 expected for remainder of 2025. Offshore projects are multi-year, less susceptible to short-term macro volatility.
- **Cost Structure and Margins**: CFO Lloyd Hajdik noted Q2 free cash flow of $15 million and guided full-year cash flow from operations $65-75 million. Margins expected to improve to upper 20s-30s by 2026 as high-margin offshore mix grows and U.S. land operations exit costs are absorbed.
- **Tariff Impact**: Minimal impact anticipated from tariffs, with diversified global supply chain and ability to source manufacturing globally.
- **Capital Allocation**: Prioritizing free cash flow returns to shareholders (stock buybacks, debt reduction) while investing in high-return projects like Batam facility and low-impact workover technology.

Oil States International, Inc. (OIS) Q2 2025 Earnings Call Transcript

- **Revenue Beat & Growth**: Q1 revenue of $160M exceeded guidance, with bookings up 1.5x and highest backlog since 2015.
- **Profitability Recovery**: CPS margins jumped to 25% (vs. 12% Q4), driven by GoM recovery.
- **Tariff Resilience**: Minimal impact via supply chain optimization, with 90% forgings under re-export bonds.
- **Cash Flow Strength**: $9M Q1 cash flow reversal, targeting $65-75M annual free cash flow.
- **Share Buybacks**: Aggressive $5M repurchases at depressed stock price, with $96M convert bonds trading below par.
- **Long-Term Outlook**: Offshore backlog positions for sustained growth despite macro risks.


**【CEO Opening Remarks】**
- Q1 2025 revenue of $160 million exceeded guidance ($160-170M), driven by international and Gulf of Mexico (GoM) recovery.
- Bookings reached $136 million, the highest since Q3 2015, with a book-to-bill ratio of 1.5x.
- Generated $9M in cash flow from operations, reversing historical Q1 trends.
- Mitigating U.S. tariffs impact via supply chain optimization and re-export bonds, with limited domestic reliance on imports.

**【CFO Financial Breakdown】**
- Offshore manufacturing segment: $93M revenue, 19% EBITDA margin (vs. 23% Q4 2024).
- Completion & Production Services (CPS): $35M revenue, 25% EBITDA margin (vs. 12% Q4 2024), driven by GoM recovery.
- Downhole Technology: $33M revenue, $2M EBITDA, with tariffs affecting perforating systems costs.
- Full-year 2025 guidance unchanged: $700-735M revenue, $88-93M EBITDA.
- Free cash flow expected $65-75M, with $25M CapEx and $5M share buybacks in Q1.

**【Q&A Key Takeaways】**
- **Tariff Impact**: Minimal to moderate (5-10% cost increase) in downhole tech, offset by pricing adjustments.
- **Gulf of Mexico**: CPS margins improved to 25%, targeting 20%+ for full year.
- **Share Repurchases**: Aggressive buying at current low stock price, with $9M executed in Q1.
- **Tariff Mitigation**: 90% of forgings use re-export bonds, limiting U.S. tariff exposure.
- **Long-Term Outlook**: Offshore backlog ($136M Q1 bookings) positions for sustained growth despite macro uncertainty.

**【Capital Allocation】**
- Priorities: Share buybacks ($5M Q1), debt reduction, and strategic investments in high-margin segments.
- Free cash flow yield attractive at current valuation, with $96M convert bonds trading below par.


Oil States International (OIS)-1 May 25-2025 Q1 Earnings call transcript

- **Revenue Mix Transformation**: International/offshore share jumps to 72% of Q4 revenue, up from 65% in Q3, with U.S. land exit reducing domestic exposure by $41M in 2024.
- **Profitability Focus**: 2025 EBITDA margin target 19-20% for Completion & Production Services (vs. mid-teens in 2024), driven by higher-margin international work.
- **Shareholder Returns**: $9M repurchased in Q4, with plans for $25M+ buybacks in 2025, prioritizing returns over debt reduction (net debt $45M as of January 2025).
- **Gulf of Mexico Recovery**: Q1 2025 frac fleet additions and activity rebound post-Q3 2024 weather disruptions.
- **FPSO Growth**: $15-25M per FPSO connector order pipeline with multiple South America projects, supported by new Baton Rouge manufacturing facility.

**【CEO Summary Section】**
- **Revenue Mix Shift**: International/offshore revenues grew to 72% of total Q4 2024 revenue, up from 65% in Q3, driven by stronger demand in South America, Brazil, and Guyana. U.S. land-based revenues declined 5% sequentially due to seasonal frac spread count decline.
- **Strategic Restructuring**: Sold underperforming U.S. land facility for $24.8M (pre-tax gain $15.3M), exiting $41M in low-margin domestic operations in 2024. 
- **Gulf of Mexico Recovery**: Q1 2025 activity rebounded post-Q3 2024 weather disruptions, with early-year frac fleet additions.
- **Free Cash Flow Outlook**: Guided for $65-75M in 2025 free cash flow, with $25M+ share buybacks (Q4 2024: $9M repurchased). Debt reduced to $45M as of January 2025.
- **2025 Guidance**: Full-year revenue $700-735M (12-15% YoY growth), EBITDA $88-93M (15-18% margin). Q1 2025 revenue $160-170M, EBITDA $17.5-18.5M.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: 
  - Total revenue: $165M (down 12% YoY)
  - Adjusted EBITDA: $19M (down 32% YoY)
  - Adjusted net income: $0.09/share
- **Segment Performance**: 
  - Offshore/Manufactured Products: $107M (+5% QoQ), 23% EBITDA margin
  - Completion & Production: $30M (-16% QoQ), 12% EBITDA margin (excl. charges)
  - Downhole Technologies: $27M breakeven
- **Cash Flow**: 
  - Operating cash flow: $18M
  - CapEx: $14M (partially customer-funded)
  - Net proceeds from asset sale: $25M

**【Q&A Highlights】**
1. **Share Repurchase Prioritization**: Management prioritizes buybacks over debt reduction, with $9M repurchased in Q4 and plans for $25M+ in 2025. 
2. **FPSO Revenue Opportunities**: Orders for key connectors range $15-25M per FPSO, with multiple South America projects in pipeline. 
3. **Domestic Margin Improvement**: Completion & Production Services segment targeting 19-20% EBITDA margin in 2025 (vs. mid-teens in 2024). 
4. **Offshore Growth Drivers**: New Baton Rouge manufacturing facility supports $41M annualized cost savings, with early wins in South America and Middle East. 
5. **2025 Free Cash Flow**: $65-75M expected, excluding $25M CapEx. First-quarter cash flow typically lower due to incentive payments.

Oil States International (OIS)-21 Feb 25-2024 Q4 Earnings call transcript

Oil States International (OIS)-30 Oct 24-2024 Q3 Earnings call transcript

Oil States International (OIS)-29 Jul 24-2024 Q2 Earnings call transcript

Oil States International (OIS)-26 Apr 24-2024 Q1 Earnings call transcript

Oil States International (OIS)-20 Feb 24-2023 Q4 Earnings call transcript

Oil States International (OIS)-27 Oct 23-2023 Q3 Earnings call transcript

Oil States International (OIS)-27 Jul 23-2023 Q2 Earnings call transcript

Oil States International (OIS)-28 Apr 23-2023 Q1 Earnings call transcript

Oil States International (OIS)-17 Feb 23-2022 Q4 Earnings call transcript

Oil States International (OIS)-28 Oct 22-2022 Q3 Earnings call transcript

Oil States International (OIS)-30 Jul 22-2022 Q2 Earnings call transcript

Oil States International (OIS)-29 Apr 22-2022 Q1 Earnings call transcript

Oil States International (OIS)-17 Feb 22-2021 Q4 Earnings call transcript

Oil States International (OIS)-1 Nov 21-2021 Q3 Earnings call transcript

Oil States International (OIS)-31 Jul 21-2021 Q2 Earnings call transcript

Oil States International (OIS)-1 May 21-2021 Q1 Earnings call transcript

Oil States International (OIS)-18 Feb 21-2020 Q4 Earnings call transcript

Oil States International (OIS)-30 Oct 20-2020 Q3 Earnings call transcript

Oil States International (OIS)-1 Aug 20-2020 Q2 Earnings call transcript

Oil States International (OIS)-1 May 20-2020 Q1 Earnings call transcript

Oil States International (OIS)-20 Feb 20-2019 Q4 Earnings call transcript

Oil States International (OIS)-25 Oct 19-2019 Q3 Earnings call transcript

Oil States International (OIS)-29 Jul 19-2019 Q2 Earnings call transcript

Oil States International (OIS)-29 Apr 19-2019 Q1 Earnings call transcript

Oil States International (OIS)-14 Feb 19-2018 Q4 Earnings call transcript

Oil States International (OIS)-29 Oct 18-2018 Q3 Earnings call transcript

Oil States International (OIS)-30 Jul 18-2018 Q2 Earnings call transcript

Oil States International (OIS)-26 Apr 18-2018 Q1 Earnings call transcript

Oil States International (OIS)-15 Feb 18-2017 Q4 Earnings call transcript

Oil States International (OIS)-27 Oct 17-2017 Q3 Earnings call transcript

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