Drilling Tools International Corp. Updates Estimated 2024 Full Year Financial Outlook
Rhea-AI Summary
Drilling Tools International Corp. (NASDAQ: DTI), a global oilfield services company, has updated its 2024 financial outlook with positive projections. The company expects 2024 revenue to be at the high-end of previous guidance, Adjusted EBITDA near the midpoint, Adjusted Net Income above the high-end, and Adjusted Free Cash Flow to more than double compared to the prior year.
Despite a challenging demand environment, CEO Wayne Prejean expressed satisfaction with the company's strong Q4 execution and successful integration of recent acquisitions. DTI anticipates building upon its 2024 results despite industry expectations of a flat market environment this year. The company will report its Q4 and full-year 2024 results in a conference call scheduled for March 14, 2025.
Positive
- Revenue projected at high-end of guidance
- Adjusted Net Income expected above high-end of guidance
- Adjusted Free Cash Flow to more than double year-over-year
- Successful integration of recent acquisitions with realized synergies
Negative
- Challenging demand environment in the industry
- Flat market environment expected for the upcoming year
News Market Reaction 1 Alert
On the day this news was published, DTI gained 1.59%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Announces Fourth Quarter and Full Year 2024 Earnings Release and Conference Call Schedule
Updated Full Year 2024 Financial Outlook
- 2024 Revenue to be at the high-end of previously disclosed guidance
- 2024 Adjusted EBITDA to be near the midpoint of previously disclosed guidance
- 2024 Adjusted Net Income to be above the high-end of previously disclosed guidance
- 2024 Adjusted Free Cash Flow to be more than double the prior year period
Commenting on the Company's updated 2024 financial outlook, Wayne Prejean, DTI's Chief Executive Officer, stated, "I am pleased with the strong execution by our teams in the fourth quarter to close out 2024 despite a challenging demand environment in our industry. We continue to have success in integrating our latest acquisitions, realizing synergies and positioning DTI for the future. Although industry expectations are for a flat market environment this year, we anticipate building upon our 2024 results and activities."
Fourth Quarter and Full Year 2024 Earnings Release and Conference Call Schedule
The Company plans to report 2024 fourth quarter and full year financial results prior to the Company's live conference call, which can be accessed via dial-in or webcast, on Friday, March 14, 2025 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time).
What: | Drilling Tools International 2024 Fourth Quarter and Full Year Conference Call |
When: | Friday, March 14, 2025 at 10:00 a.m. Eastern Time / 9:00 a.m. Central Time |
How: | Live via phone – By dialing 1-201-389-0869 and asking for the DTI call at least 10 minutes prior to the start time, or Live Webcast – By logging onto the webcast at the address below |
Where: | |
For those who cannot listen to the live call, a replay will be available through March 21, 2025, and may be accessed by dialing 1-201-612-7415 and using passcode 13751110#. Also, an archive of the webcast will be available shortly after the call at https://investors.drillingtools.com/news-events/events for 90 days. Please submit any questions for management prior to the call via email to DTI@dennardlascar.com.
About Drilling Tools International Corp.
DTI is a
Contact:
DTI Investor Relations
Ken Dennard / Rick Black
InvestorRelations@drillingtools.com
Forward-Looking Statements
This press release may include, and oral statements made from time to time by representatives of the Company may include, "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding the business combination and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements include, but are not limited to, statements regarding DTI and its management team's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward looking statements in this press release may include, for example, statements about: (1) the demand for DTI's products and services, which is influenced by the general level activity in the oil and gas industry; (2) DTI's ability to retain its customers, particularly those that contribute to a large portion of its revenue; (3) DTI's ability to employ and retain a sufficient number of skilled and qualified workers, including its key personnel; (4) DTI's ability to source tools and raw materials at a reasonable cost; (5) DTI's ability to market its services in a competitive industry; (6) DTI's ability to execute, integrate and realize the benefits of acquisitions, and manage the resulting growth of its business; (7) potential liability for claims arising from damage or harm caused by the operation of DTI's tools, or otherwise arising from the dangerous activities that are inherent in the oil and gas industry; (8) DTI's ability to obtain additional capital; (9) potential political, regulatory, economic and social disruptions in the countries in which DTI conducts business, including changes in tax laws or tax rates; (10) DTI's dependence on its information technology systems, in particular Customer Order Management Portal and Support System, for the efficient operation of DTI's business; (11) DTI's ability to comply with applicable laws, regulations and rules, including those related to the environment, greenhouse gases and climate change; (12) DTI's ability to maintain an effective system of disclosure controls and internal control over financial reporting; (13) the potential for volatility in the market price of DTI's common stock; (14) the impact of increased legal, accounting, administrative and other costs incurred as a public company, including the impact of possible shareholder litigation; (15) the potential for issuance of additional shares of DTI's common stock or other equity securities; (16) DTI's ability to maintain the listing of its common stock on Nasdaq; and (17) other risks and uncertainties separately provided to you and indicated from time to time described in filings and potential filings by DTI with the Securities and Exchange Commission (the "SEC"). You should carefully consider the risks and uncertainties described in the definitive proxy statement/prospectus/consent solicitation statement with the SEC by the Company on July 2, 2024 (the "Proxy Statement"), and the information presented in DTI's annual report on Form 10-K filed March 28, 2024 (the "10-K"). Such forward-looking statements are based on the beliefs of management of DTI, as well as assumptions made by, and information currently available to DTI's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Proxy Statement or the 10-K. All subsequent written or oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of each of DTI, including those set forth in the Risk Factors section of the Proxy Statement and described in the 10-K. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
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SOURCE Drilling Tools International Corp.
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