Oil States (NYSE: OIS) reported Q1 EPS of ($0.26), $0.01 better than the analyst estimate of ($0.27). Revenue for the quarter came in at $125.59 million versus the consensus estimate of $141.43 million.

First quarter 2021 highlights and corporate actions included:

• Entered into a new asset-based credit facility providing for borrowings of up to $125 million
• Issued $135 million principal amount of 4.75% convertible senior notes due 2026
• Purchased $125 million principal amount of 1.50% convertible senior notes due 2023 for cash totaling $120 million
• Implemented additional long-term cost control measures, including personnel reductions and facility closures
• Extreme winter weather event in February adversely impacted operating results in all segments, which was offset by employee retention credits provided for under the CARES Act

Oil States' President and Chief Executive Officer, Cindy B. Taylor, stated,

"First quarter operating results in each of our segments benefited from increased U.S. land-based completion activity resulting from the improved commodity price environment. The impact of higher activity levels was partially offset by the severe winter weather event that occurred in February 2021 – particularly in Texas, Oklahoma and surrounding states. While our facilities did not sustain meaningful damage and our operations and services were restored following the event, our February results of operations were adversely impacted due to the temporary cessation of work at well sites, facility closures by us and our customers, and delays in the shipment of goods to our customers and from our vendors. Revenues in our Downhole Technologies and Well Site Services segments increased 10% and 2% sequentially, despite the severe winter weather conditions experienced, due to a strong recovery in March. Revenues in our Offshore/Manufactured Products segment decreased 20% sequentially, but we did achieve a 160 basis point increase in EBITDA margins, resulting from cost reductions. Our first quarter bookings improved sequentially to $70 million, which included one notable project award exceeding $10 million, yielding a book-to-bill ratio of 1.2x for the quarter. Of the $70 million in bookings, 17% related to non oil and gas projects.

"We also significantly strengthened our longer-term liquidity position during the quarter by entering into a new $125 million asset-based revolving credit facility that matures in 2025, issuing $135 million principal amount of convertible notes due in 2026 and purchasing $125 million principal amount of our existing convertible notes which come due in 2023."

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