The stock responded positively with a 4.6% gain, driven by better-than-expected sequential revenue and EBITDA growth, supported by a record backlog and continued strength in offshore and international markets.
- Revenue grew 8% sequentially to $157 million, with adjusted EBITDA rising 14% to $19 million.
- Backlog reached $451 million, the highest in over a decade, up 5% sequentially and 24% year-over-year.
- Offshore Manufactured Products segment led growth with revenues of $93 million and segment EBITDA margin above 19%.
- Completion and Production Services and Downhole Technologies segments both posted sequential revenue and EBITDA increases, with Downhole revenues at the highest level since Q2 2023.
- Margins face pressure from elevated raw material costs, especially in shaped charges, but pricing discipline and mix improvements helped mitigate headwinds.
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