Oil States reports Q1 EPS (25c), consensus (28c)
Reports Q1 revenue $250.6M, consensus $243.97M. Oil States' President and CEO, Cindy B. Taylor, stated, "Following a volatile fourth quarter regarding commodity prices, we entered the first quarter with a heightened level of uncertainty. As the quarter progressed, our outlook improved given commodity price increases and a relatively stable, if not improving, level of customer spending activity. All of our business segments completed the quarter at or near the high-end of our previous guidance. Our Completion Services revenues declined 7% sequentially due to rig count reductions in the U.S. coupled with an adverse service mix in the quarter. Our land drilling operations declined at a disproportionate rate as customers temporarily shut-down their drilling programs following the decline in commodity prices in the fourth quarter of 2018. However, our Well Site Services and Downhole Technologies segments experienced improving product and service demand later in the quarter. We were particularly encouraged by our Offshore/Manufactured Products bookings, which led to a 1.63x book-to-bill ratio for the quarter, evidencing improving global offshore demand."