Oil States International, Inc. delivered solid third quarter results amidst challenging market conditions, with a notable shift towards offshore projects contributing to revenue growth despite declines in U.S. operations.
- Revenues of $165 million and adjusted EBITDA of $21 million align with guided expectations, with net income of $2 million ($0.03/share).
- Significant backlog growth to $399 million, buoyed by a 29% increase in bookings, positioning the company for future revenue and earnings growth.
- Offshore and international projects accounted for 75% of revenues, reflecting a strategic pivot towards higher-margin, long-cycle work.
- Cash flow from operations surged 105% sequentially to $31 million, with free cash flow of $23 million, enhancing financial flexibility going forward.
- Maintained a healthy balance sheet with no outstanding borrowings on the revolving credit facility, supported by proactive cash management and share repurchases.
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