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LONDON, UK / ACCESSWIRE / March 26, 2018 / Active-Investors.com has just released a free earnings report on Oil States International, Inc. (NYSE: OIS) ("Oil States"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=OIS. The Company reported its financial results on February 14, 2018, for the fourth quarter and full year ended December 31, 2017. During Q4 FY17, Oil States' operating results and adjusted earnings improved sequentially. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Oil States International most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For Q4 FY17, Oil States' total revenues reached $183.70 million, up 8.11% from $169.93 million in Q4 FY16, driven by improved completion activities across the US shale plays. The Company's product revenues declined 13.04% to $80.53 million y-o-y, and its services revenues advanced 33.43% to $103.18 million y-o-y in Q4 FY17. The Company's reported total revenue numbers surpassed analysts' expectations of $176.4 million.
During Q4 FY17, Oil States' costs and expenses were $197.57 million, up 6.03% from $186.33 million in Q4 FY16. The Company incurred an operating loss of $13.86 million in the reported quarter compared to an operating loss of $16.39 million in the previous year's same quarter. The Company reported consolidated earnings before interest, tax, depreciation, and amortization (EBITDA) of $11.55 million in Q4 FY17, 11.82% lower than $13.10 million in Q4 FY16.
Oil States' net loss attributable to common shareholders was $37.9 million in Q4 FY17 compared to $10.63 million in Q4 FY16. The Company's diluted net loss per share attributable to common shareholders from continuing operations was $0.76 in Q4 FY17 compared to $0.21 in Q4 FY16. Oil States' reported quarter results included a pre-tax charge of $1.4 million of transaction-related costs and a one-time, non-cash income tax charge of $28.2 million, resulting from the recently-enacted Tax Cuts and Jobs Act 2017 (TCJA) and the corresponding tax reform legislation in the United States. The Company's adjusted consolidated EBITDA, after excluding extraordinary items, were $12.95 million in Q4 FY17, a decrease of 5.28% from $13.67 million in Q4 FY16.
For the full fiscal year ended December 31, 2017, Oil States' total revenues were $670.63 million, 3.43% lower than $694.44 million in FY16. The increase in services revenues was more than offset by the decrease in products revenues. The Company reported consolidated EBITDA of $34.57 million in the reported year compared to $50.34 million in the previous year. Oil States' net loss attributable to common shareholders was $84.85 million for the year ended December 31, 2017, compared to $46.39 million for the year ended December 31, 2016. The Company's diluted net loss per share attributable to common shareholders was $1.69 in FY17 compared to $0.92 in FY16. The Company's adjusted consolidated EBITDA, after excluding extraordinary items, were $37.99 million in FY17, a decrease of 31.60% from $55.54 million in Q4 FY16.
During Q4 2017, Oil State's Well Site Services segment reported net revenues of $82.02 million in Q4 FY17, an increase of 49.42% y-o-y. Completion services accounted for 81.29% and drilling services accounted for 18.71% of the segment's revenues in Q4 FY17. The segment had an adjusted EBITDA of $10.7 million in Q4 FY17, which is almost 8.05 times the adjusted EBITDA of $1.33 million in Q4 FY16. The growth was driven by the 36% y-o-y increase in the number of completion services job tickets, along with a 6% y-o-y increase in revenue per completion services job.
Oil State's Offshore/Manufactured Products segment's net revenues fell 11.61% to $101.69 million on a y-o-y basis in Q4 FY17. The segment's adjusted EBITDA in the reported quarter were $16.38 million, a decline of 36.25% from $25.7 million in the previous year's same quarter. The decrease was due to lower contributions from all product and service lines, especially those linked to deep-water project sanctions.
Oil States had cash and cash equivalents of $53.46 million as on December 31, 2017, a decrease of 22.30% from $68.8 million as on December 31, 2016. The Company's net cash flow from operating activities was $95.38 million in FY17, 36.1% lower than $149.26 million in FY16.
Oil States had a long-term debt and capitalized lease of $4.87 million as on December 31, 2017, 89.27% lower than $45.39 million as on December 31, 2016.
Stock Performance Snapshot
March 16, 2018 - At Friday's closing bell, Oil States International's stock marginally climbed 0.39%, ending the trading session at $25.50.
Volume traded for the day: 1.25 million shares, which was above the 3-month average volume of 976.23 thousand shares.
Stock performance in the previous six-month period – up 0.99%
After last Friday's close, Oil States International's market cap was at $1.30 billion.
The stock is part of the Basic Materials sector, categorized under the Oil & Gas Equipment & Services industry.
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