Oil States International Jumps 14% on Earnings Beat
By Victor Swezey
Shares of Oil States International rose after the company's second-quarter revenue and profit beat analyst expectations.
The stock was up 14% to $5.42 in Monday morning trading. Shares are down 17% this year.
The Houston-based company, which provides services to oil and gas producers, posted a profit of $1.3 million, or 2 cents a share, for the quarter ended June 30, compared with $558,000, or 1 cent a share, a year earlier.
Stripping out one-time items, earnings per share were 7 cents. Analysts polled by FactSet had predicted adjusted earnings per share of 4 cents.
Revenue rose 2% to $186.4 million, beating analyst expectations of $179.6 million.
Chief Executive Cindy Taylor said the company's rising revenue was driven by higher project-related activity in offshore manufactured products. She added that the company exited underperforming locations in its well services segment and worked to cut costs.
Write to Victor Swezey at victor.swezey@wsj.com; @vicswezey
(END) Dow Jones Newswires
July 29, 2024 10:25 ET (14:25 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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