Superior Drilling Products (SDPI) Misses Q2 EPS by 3c, Revenues Miss

Superior Drilling Products (NYSE: SDPI) reported Q2 EPS of ($0.05), $0.03 worse than the analyst estimate of ($0.02). Revenue for the quarter came in at $2.02 million versus the consensus estimate of $3.09 million.

Troy Meier, Chairman and CEO, noted, “As we had indicated in May, our second quarter was heavily impacted by the severe downturn in the oil & gas industry due to the impacts of the stay-at-home mandates on oil demand, the resulting shut down of global economies combined with excess supply. Nonetheless, our year-over-year growth in international revenue further validated the traction our Drill-N-Ream® well bore conditioning tool is gaining in the Middle East, even as the region struggled like the U.S. with stay-at-home restrictions that caused drilling activity to stall heavily. Importantly, demand for our tool is driving expansion into more countries as we further our relationships with the largest international oil field service companies.”

For earnings history and earnings-related data on Superior Drilling Products (SDPI) click here.

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