Q1 2024 Earnings Call - Oil States International Inc.

Oil States International Inc., a leading provider of diversified oilfield products and services, recently conducted its first-quarter 2024 earnings conference call. Ellen Pennington, Senior Counsel and Assistant Corporate Secretary at Oil States International, opened the call by introducing President and CEO Cynthia Taylor and CFO Lloyd Hajdik. 
 
Pennington cautioned listeners regarding forward-looking statements made during the call. She noted that such remarks should be weighed in the context of many factors affecting the business, including risks disclosed in their Form 10-K along with other SEC filings. 
 
Taylor began her segment by discussing changes made to better reflect underlying activity demand drivers for their business as well as how they manage segments. She also highlighted two awards received from the Offshore Technology Conference for new technology innovations: the Swift Ultra-Deepwater Connector and the ACTIVEHub platform. 
 
CFO Lloyd Hajdik provided an overview of financial results, noting revenues generated were $167 million with a net loss of $13 million, or $0.21 per share, due to a noncash goodwill impairment charge of $10 million, among other charges. 
 
Taylor returned to discuss market outlooks, stating that despite a slow start in Q1 2024, revenues are expected to grow year-over-year given the level of bidding activity, product introductions, strong backlog levels, and timing expectations on execution milestones. 
 
She concluded by emphasizing the Oil States' commitment to providing value-added products and services globally while maintaining safe operations throughout all sectors within their industry. 
  
Analyst Stephen Gengaro posed questions about potential changes in margin profiles due to recasting segments, which were addressed thoroughly by Taylor, indicating no significant change was anticipated. 
 
The discussion around natural gas markets reflected an optimistic view despite the current challenges faced, especially with smaller regional companies struggling amidst low commodity prices. The focus remains on cost management while retaining field service technicians through the next few quarters. 
  
In conclusion, this report provides insights into Oil State's strategic initiatives for growth via new technology rollouts coupled with sound financial management. It also underscores their commitment to safety and providing quality products and services globally while navigating through current market challenges.