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Superior Drilling Products (SDPI) investor relations material
Superior Drilling Products Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary5 Aug, 2024
Executive summary
Closed acquisition of Superior Drilling Products (SDP) for $32.2 million in cash and stock, integrating patented Drill-N-Ream tool and expanding Middle East presence.
Identified over $4.5 million in SG&A synergies and NOL tax benefits, plus CapEx and repair margin synergies from the acquisition.
Maintained focus on cost reduction and operational scaling in response to softness in U.S. rig count, while pursuing growth in international markets.
Financial highlights
Q2 2024 revenue was $37.5 million, flat year-over-year; tool rental net revenue $28.3 million, product sales $9.2 million.
Operating income for Q2 2024 was $2.2 million; Adjusted EBITDA was $9.0 million, down from $13.3 million in Q2 2023.
Adjusted free cash flow improved by $3.2 million year-over-year to $(1.1) million in Q2 2024.
Q2 2024 net income was $0.4 million, down from $0.9 million in Q2 2023; diluted EPS was $0.01.
Six-month 2024 net income was $3.5 million, down from $6.6 million in the prior year period.
Outlook and guidance
2024 revenue guidance updated to $155–$170 million; Adjusted EBITDA expected between $41–$47 million (26–28% margin).
Adjusted net income forecasted at $9.9–$13.5 million for 2024.
Adjusted free cash flow guidance maintained at $20–$25 million for the full year.
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Frequently asked questions
Superior Drilling Products Inc. is an oilfield services company specializing in the design, manufacture, and refurbishment of drilling tools for the oil and gas industry. The company provides drilling solutions, including drill bit remanufacturing, tool development, and performance-enhancing technologies aimed at improving drilling efficiency and reducing costs. Its products and services support operators and drilling contractors in both conventional and unconventional resource plays. The company is headquartered in Vernal, Utah, and its shares are listed on the NYSE American.
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