Oil States International, Inc. reported a net income of $2.8 million, or $0.05 per share, for the second quarter of 2025, a significant improvement from the $1.3 million, or $0.02 per share, recorded in the same period last year. For the first half of 2025, the company achieved a net income of $6.0 million, or $0.10 per share, compared to a net loss of $12.1 million, or $0.19 per share, in the first half of 2024. Total revenues for the second quarter of 2025 were $165.4 million, down 11% from $186.4 million in the prior year, while revenues for the first half decreased 8% to $325.3 million from $353.6 million.
The decline in revenue was primarily attributed to the company's strategic exit from underperforming service offerings and locations, particularly in the U.S. land-based market, which faced reduced activity levels due to lower crude oil prices. Product revenues for the second quarter decreased slightly by 1% to $107.3 million, while service revenues fell by 25% to $58.1 million. The company noted that excluding the impact of exited operations, consolidated revenues would have decreased by only 5% year-over-year.
Operationally, Oil States International has been restructuring its U.S. operations, resulting in charges of $4.6 million related to facility consolidations and personnel reductions. The company also recognized $1.4 million in non-cash impairment charges associated with the exit of leased locations. Despite these challenges, the Offshore Manufactured Products segment reported a 5% increase in revenues, driven by stronger international project activity and a backlog that grew to $363 million as of June 30, 2025.
Looking ahead, the company anticipates continued volatility in crude oil and natural gas prices, which could impact customer spending and demand for its products and services. Oil States International has amended its asset-based revolving credit facility to enhance liquidity and lower interest charges, positioning itself to manage upcoming debt obligations, including the $108.8 million in convertible senior notes due in April 2026. The company remains focused on optimizing operations and reducing costs while navigating the evolving market landscape.
About OIL STATES INTERNATIONAL, INC
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