Oil States (NYSE: OIS) reported Q4 EPS of ($0.24), $0.05 worse than the analyst estimate of ($0.19). Revenue for the quarter came in at $238.36 million versus the consensus estimate of $237.78 million.

Fourth quarter 2019 highlights included:

• Generated $21.5 million in cash flow from operations
• Repaid $13.1 million in borrowings under the revolving credit facility
• Repurchased $6.8 million in principal amount of the convertible senior notes at a 13% discount to par value
• Total debt to capitalization of 16.9%
• Recorded a non-cash goodwill impairment charge of $165.0 million

These results compare to a reported net loss for the fourth quarter of 2018 of $14.3 million, or $0.24 per share, on revenues of $274.1 million and Consolidated EBITDA of $24.1 million. The reported fourth quarter 2018 results included legal fees incurred for patent defense of $2.4 million ($1.9 million after-tax, or $0.03 per share), transaction-related expenses of $0.7 million ($0.6 million after-tax, or $0.01 per share) and severance and downsizing charges of $0.8 million ($0.7 million after-tax, or $0.01 per share).

Oil States’ President and Chief Executive Officer, Cindy B. Taylor, stated, "Our fourth quarter results were consistent with our revised guidance issued in January and were reflective of the significant decline in U.S. land-based completion activity during the fourth quarter. Our Completion Services business was particularly affected in our Northeast and Mid-Continent regions of operations, where the corresponding average sequential rig counts were down 24% and 19%, respectively. Revenues in our Offshore/Manufactured Products segment benefited from increased project-driven product revenues converting from backlog; however, demand for our short-cycle products was down sequentially as activity declined and customers de-stocked existing inventories. Backlog in our Offshore/Manufactured Products segment totaled $280 million at December 31, 2019, and our book-to-bill ratios for the fourth quarter and full-year 2019 were 0.9x and 1.3x, respectively. Our Downhole Technologies segment was also negatively impacted by lower U.S. land completion activities. Despite the challenging market conditions we faced during the quarter, our business model and capital structure afforded us the ability to generate strong free cash flow, which was used to further reduce our debt outstanding. We remain focused on providing value-added products and services to meet customer demands while adjusting our capital investment plans and cost structure to align with the current market environment."

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