Oil States (OIS) Tops Q3 EPS by 4c, Revenues Miss
Oil States (NYSE: OIS) reported Q3 EPS of ($0.33), $0.04 better than the analyst estimate of ($0.37). Revenue for the quarter came in at $134.76 million versus the consensus estimate of $142.21 million.
Oil States' President and Chief Executive Officer, Cindy B. Taylor, stated,
"Our third quarter results were generally in line with our internal forecasts and the limited guidance that we were able to provide but the mix was different. Our Offshore/Manufactured Products segment results were below our previous guidance due to delays in customer activity and timing of orders. Our third quarter bookings improved sequentially to $70 million, including two notable project awards exceeding $10 million each, yielding a book-to-bill ratio for the third quarter of 0.9x. Backlog totaled $227 million as of September 30, 2020, a sequential decline of 3%. Reflecting some improvement in U.S. land activity in the latter part of the quarter, revenues in our Well Site Services and Downhole Technologies segments increased 3% and 25% sequentially, despite numerous storm disruptions in the U.S. Gulf of Mexico, which hampered our offshore Completion Services activity.
"We generated $87 million in cash flow from operations during the third quarter and reduced our net debt by $92 million, demonstrating our continued emphasis on reducing costs and implementing strict capital discipline in this challenging operating environment while continuing to support our customers with strong technology offerings and safe operations. Since December 31, 2019, we have generated $131 million in cash flow from operations and have reduced our net debt by $130 million."
For earnings history and earnings-related data on Oil States (OIS) click here.