Oil States (OIS) Misses Q2 EPS by 5c, Revenues Miss

Oil States (NYSE: OIS) reported Q2 EPS of ($0.16), $0.05 worse than the analyst estimate of ($0.11). Revenue for the quarter came in at $264.69 million versus the consensus estimate of $274.05 million.

Second quarter 2019 highlights included:

• Offshore/Manufactured Products backlog increase of 21%, resulting in a 1.6x book-to-bill ratio for the quarter
• Cash flow from operations totaling $31.7 million
• Revolving credit facility net repayments totaling $21.1 million

Oil States’ President and Chief Executive Officer, Cindy B. Taylor, stated, "Our second quarter results were supported by sequential improvements in commodity prices, well completions, and stronger demand for offshore production-related equipment. Our Offshore/Manufactured Products segment was a stand-out in the quarter, exceeding the upper-end of our previously provided revenue and EBITDA guidance ranges. We received two notable project awards during the quarter, leading to a 21% increase in backlog and a 1.6x book-to-bill ratio for the quarter, further evidencing improving demand for global offshore projects. As of June 30, 2019 our backlog totaled $283 million, the highest level reported since June 30, 2016. Our Well Site Services segment revenues increased 7% sequentially due to stronger international activity levels in our Completion Services business. Our Downhole Technologies segment results were negatively impacted by continued costs associated with the development of our integrated perforating gun system, the ongoing costs of field trials and $1.4 million of inventory write-offs due to product design changes."

For earnings history and earnings-related data on Oil States (OIS) click here.

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