Welcome to our dedicated page for Drilling Tools International news (Ticker: DTI), a resource for investors and traders seeking the latest updates and insights on Drilling Tools International stock.
Drilling Tools International Corporation reports developments tied to its oilfield services business, which designs, engineers, manufactures and rents downhole drilling tools for onshore and offshore horizontal and directional drilling of oil and natural gas wells. Company updates commonly address Tool Rental and Product Sales revenue, demand across U.S. land, offshore and international markets, and solutions used across the well life cycle.
DTI news also covers quarterly and annual results, earnings-call schedules, outlook commentary, acquisitions that add drilling tools or technology, and governance changes as the company operates with broader public ownership and a refreshed board structure.
Drilling Tools International Corp. (NASDAQ: DTI), a global oilfield services company, has announced its 2024 second quarter earnings release and conference call schedule. The company will report its financial results before a live conference call on Tuesday, August 6, 2024, at 9:00 a.m. Eastern Time. Investors can access the call via phone or webcast. For those unable to attend, a replay will be available until August 13, 2024. DTI specializes in designing, engineering, manufacturing, and renting tools for horizontal and directional drilling operations in both onshore and offshore environments. The company operates from 16 service centers across North America and 7 international centers in Europe and the Middle East.
DTI and SDPI have announced the deadline for SDPI shareholders to elect their preferred form of merger consideration in the pending acquisition. The Election Deadline is set for 5:00 p.m., New York time, on July 29, 2024. If approved, the Merger is expected to close on August 1, 2024. SDPI shareholders can choose between 0.313 shares of DTI common stock or $1.00 in cash per SDPI share. The election is subject to proration to ensure DTI issues between 4,112,752 and 4,845,240 shares. Shareholders should carefully review the Proxy Statement and Election Form before making their decision.
Drilling Tools International Corp. (NASDAQ: DTI) announced its expected addition to the Russell 2000®, Russell 2500®, Russell 3000®, Russell Small Cap Completeness® Index, and Russell Microcap® Index during the 2024 Annual Reconstitution. This inclusion will be effective from July 1, 2024, expanding DTI’s exposure among investment managers and institutional investors. Wayne Prejean, CEO of DTI, highlighted this as a significant milestone for the company, providing increased visibility. This reconstitution ensures the Russell US index family accurately reflects the current US equity market.
Drilling Tools International Corp. (NASDAQ: DTI), a global oilfield services company, announced it will webcast its presentation at the Sidoti & Company June 2024 Small-Cap Virtual Conference on June 12th at 10:00 a.m. EDT. The event will feature DTI management hosting virtual one-on-one meetings with investors. A replay and the investor presentation will be available on DTI's website. DTI specializes in manufacturing and renting downhole drilling tools for horizontal and directional drilling operations. Established in 1984, it operates 16 North American and 7 international service centers.
Superior Drilling Products (SDPI) reported Q1 2024 financial results. The company's total revenue was $4.95 million, down 21.3% year-over-year but up 15.8% sequentially. North America contributed 86% of this revenue, while international sales grew 10.1% sequentially. The decline in tool sales was attributed to a reduced U.S. rig count. Operating income was $159,000, down 88.4% year-over-year. Net loss stood at $1.82 million, largely impacted by $1.7 million in acquisition-related expenses. Adjusted EBITDA increased 91% sequentially to $839,000. A merger agreement with Drilling Tools International, valued at $32.2 million, is expected to close in Q3 2024.
Drilling Tools International Corp. (NASDAQ: DTI), a global oilfield services company, announced its participation in several investor conferences in Q2 2024. CEO Wayne Prejean will host one-on-one meetings at the EF Hutton Annual Global Conference in New York City on May 15. On May 29, Prejean will join a CEO panel at the Louisiana Energy Conference in New Orleans and host investor meetings with CFO David Johnson. DTI will also present at the Sidoti Virtual Small Cap Conference on June 12-13. Presentations and meeting details are available on DTI's Investor Relations website.
Drilling Tools International Corp. (NASDAQ: DTI) reported $37 million in total consolidated revenue for Q1 2024. Tool Rental net revenue was $30 million, Product Sales net revenue was $7 million. Operating income was $5.1 million with Adjusted Net Income of $3.8 million. Adjusted EBITDA was $10.9 million, and Adjusted Free Cash Flow was $4.7 million. The company's CEO reaffirmed the 2024 outlook and highlighted recent acquisitions and financial standing.
Summary not available.
Summary not available.
Summary not available.