Superior Drilling Products (SDPI) Misses Q3 EPS by 4c, Revenues Miss

Superior Drilling Products (NYSE: SDPI) reported Q3 EPS of ($0.07), $0.04 worse than the analyst estimate of ($0.03). Revenue for the quarter came in at $1.55 million versus the consensus estimate of $1.95 million.

Troy Meier, Chairman and CEO, commented, “We are taking measures to provide for liquidity while keeping our sights on the long term. Importantly, our results demonstrate that the value of our Drill-N-Ream® well bore conditioning tool has been gaining traction internationally even against the temporary headwinds of current industry conditions. We are now operating in five countries outside of North America, as we are pulled into more regions by global oil field service companies who benefit from the economic value of the DNR technology. In addition, given the documented increase of drilling efficiencies when using the DNR, we believe it also contributes to the reduction of environmental impact while drilling for fossil fuels.”

Strategy and outlook

Mr. Meier concluded, “We expect that as the DNR is actively employed in new basins around the world and we further diversify our customer base, revenue should improve from here. We are working to develop the logistical and partnership structures to continue to penetrate international markets and globally improve how fossil fuels are produced.”

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

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Pro Diversity Network (IPDN) Reports Q2 Loss of $0.15
• Newton Golf Company (NWTG) Reports Q2 Loss of $0.49