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Superior Drilling Products
Superior Drilling Products (SDPI) investor relations material
Superior Drilling Products has been acquired by Drilling Tools International Corporation
Superior Drilling Products Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary9 Aug, 2024
Executive summary
Q2 2024 revenue was $37.5 million, down 1% or flat year-over-year, with net income of $0.4 million, compared to $0.9 million in Q2 2023.
Six-month revenue was $74.5 million, with net income of $3.5 million, down from $6.6 million in the prior year.
Completed acquisition of Casing Technologies Group (CTG) in March 2024, expanding global presence and product portfolio.
Closed acquisition of Superior Drilling Products (SDP) for $32.2 million, integrating patented Drill-N-Ream tool and expanding Middle East presence.
Cash and cash equivalents as of June 30, 2024, were $6.8 million, with an accumulated deficit of $3.1 million.
Financial highlights
Q2 2024 tool rental revenue was $28.3 million and product sales were $9.2 million, both relatively flat year-over-year.
Adjusted EBITDA for Q2 2024 was $9.0 million, down from $13.3 million in Q2 2023.
Operating income for Q2 2024 was $2.2 million, compared to $6.6 million in Q2 2023.
Adjusted free cash flow improved by $3.2 million year-over-year to $(1.1) million in Q2 2024.
Cost of tool rental revenue decreased 3% to $7.5 million, while cost of product sale revenue increased 120% to $2.5 million in Q2 2024.
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.
Management expects continued cost inflation and rising personnel expenses to impact profitability.
The company anticipates leveraging its expanded product portfolio and global reach to drive future growth.
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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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