OIS - Oil States sinks on Q2 earnings miss shale slowdown

2023-07-27 11:47:19 ET

• Oil States International ( NYSE: OIS ) -14.5% in Thursday's trading after reporting lower than expected Q2 GAAP earnings and saying U.S. shale activity is declining.
• Q2 net income of $600K, or $0.01/share, adjusted EBITDA of $19N and revenues of $183.5M all came in below net income of $2.2M, or $0.03/share, adjusted EBITDA of $21.4M and revenues of $196.2M reported in Q1.
• Oil States ( OIS ) President and CEO Cindy Taylor said Q2 results "reflect the dueling trends of activity declines in U.S. shale basins with offsetting growth in offshore and international regions."
• But the company confirmed full-year guidance for adjusted EBITDA of $92M-$100M, "supported by the backlog growth that we have witnessed at our Offshore/Manufactured Products segment," which increased to $338M in Q2, a level that was last seen at the end of 2015.

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