Oil States International(US:OIS)2025-05-01 11:01Financial Performance - Consolidated revenues for Q1 2025 were $159.9 million, a decrease of 3% sequentially and 4% year-over-year[5]. - Net income for Q1 2025 was $3.2 million, or $0.05 per share, down 79% from $15.2 million in Q4 2024[6]. - Adjusted EBITDA for Q1 2025 was $18.7 million, consistent with Q4 2024, but up 21% from $15.5 million year-over-year[3]. - Revenues for Q1 2025 were $159.938 million, a decrease of 2.0% from $164.595 million in Q4 2024 and a decrease of 4.4% from $167.262 million in Q1 2024[29]. - Net income for Q1 2025 was $3.158 million, compared to a net income of $15.164 million in Q4 2024 and a net loss of $13.374 million in Q1 2024[29]. - Operating income for Q1 2025 was $5.639 million, down from $18.484 million in Q4 2024 and a loss of $11.177 million in Q1 2024[29]. - Adjusted net income for Q1 2025 was $3,892,000, compared to $5,537,000 in Q4 2024 and a loss of $1,873,000 in Q1 2024[45]. - Free cash flow for Q1 2025 was $9,322,000, a recovery from a negative free cash flow of $19,157,000 in Q1 2024[48]. Segment Performance - Offshore Manufactured Products segment revenues were $92.6 million, down 14% sequentially but up 7% year-over-year[3]. - Completion and Production Services segment revenues increased by 15% sequentially to $34.5 million, with an Adjusted Segment EBITDA margin of 25%[13]. - Downhole Technologies segment revenues rose to $32.8 million, with an operating loss of $2.1 million, an improvement from the previous quarter[15]. - The company reported an operating income of $14,276,000 in the Offshore Manufactured Products segment for Q1 2025, down from $21,009,000 in Q4 2024 but up from $10,603,000 in Q1 2024[42]. - Completion and Production Services segment showed an operating income of $3,503,000 in Q1 2025, recovering from a loss of $4,004,000 in Q4 2024[42]. - Downhole Technologies segment reported an operating loss of $2,124,000 in Q1 2025, an improvement from a loss of $4,031,000 in Q4 2024[42]. Cash Flow and Assets - Cash flows from operations were $9 million, reversing a historical trend of negative cash flows in Q1[7]. - Cash and cash equivalents increased to $66.828 million at the end of Q1 2025, up from $65.363 million at the end of Q4 2024[31]. - Total assets decreased to $990.735 million as of March 31, 2025, from $1,005.108 million as of December 31, 2024[31]. Awards and Contracts - The company received the 2025 Spotlight on New Technology Award for its TowerLok™ Wind Tower Connector technology[21]. - Oil States received a contract award exceeding $25 million for a deepwater production facility project in Brazil in Q1 2025, along with multi-year project awards totaling $26 million[27]. Other Financial Metrics - The company incurred facility consolidation/closure and other charges of $930,000 in Q1 2025, compared to $1,941,000 in Q4 2024[45]. - The weighted average number of diluted common shares outstanding was 60,167,000 in Q1 2025, down from 61,392,000 in Q4 2024[45]. - The company reported a tax provision of $196,000 for Q1 2025, compared to a tax benefit of $2,560,000 in Q4 2024[45]. - Backlog reached $357 million, the highest level since September 2015, with a book-to-bill ratio of 1.5x[12]. - The company continued to invest in expanding its manufacturing capabilities in Batam, Indonesia to meet growing international customer demand[27]. - The company completed the manufacture of its third Merlin™ Mineral Riser system, designed for a water depth of 6,000 meters[27].