Oil States lowers Q3 revenue view to $164M from $165M-$185M, consensus $177.77M
Oil States anticipates operating loss of approximately $18M and total Adjusted Segment EBITDA of approximately $9M in Q3. Due to Hurricane Harvey's damage in Houston and the surrounding region, Oil States was impacted by lower revenues and under-absorption of manufacturing facility costs primarily in its Offshore/Manufactured Products segment, but also suffered field-level downtime due to employee dislocations resulting from the storm. One of the company's Houston facilities experienced significant flooding and is not yet operational, but was fully insured. Project work in that facility has been shifted to other manufacturing locations to meet customer delivery requirements.