This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Oil States Announces Fourth Quarter Earnings

"Our tubular services segment benefitted from strong shipments of OCTG in the fourth quarter largely due to an increase in deepwater Gulf of Mexico deliveries. Well site services' results were negatively impacted by the reduction in U.S. drilling activity and holiday downtime; however, pricing and demand for our proprietary rental equipment was essentially flat quarter-over-quarter."

The Company recognized an effective tax rate of 29.7% in the fourth quarter of 2012 bringing the annualized effective tax rate for 2012 to 28.2%. This compares with an effective tax rate of 31.2% in the fourth quarter of 2011. The lower effective tax rate in the fourth quarter of 2012 was primarily due to higher U.S. state tax expense in the fourth quarter of 2011 and greater foreign earnings as a percentage of total earnings in 2012. Our foreign earnings are taxed at a lower rate than our domestic earnings.

The Company invested $156.2 million in capital expenditures during the fourth quarter of 2012 primarily related to the ongoing expansion of its accommodations business in Australia, Canada and the U.S., the addition of proprietary rental equipment deployed to service the active U.S. shale plays and facility and equipment investments in its offshore products segment. During the fourth quarter of 2012, the Company repurchased $15.2 million, or 225,796 shares, of its common stock under its authorized share repurchase program at an average price of $67.52 per share.

For the year ended December 31, 2012, the Company reported revenues of $4.4 billion, EBITDA of $923.1 million and net income of $448.6 million, or $8.10 per diluted share. The results for 2012 included (i) a pre-tax benefit of $17.9 million, or $0.23 per diluted share after-tax, related to a favorable contract settlement in its U.S. accommodations business recognized in the first quarter of 2012 and (ii) a pre-tax gain of $2.5 million, or $0.03 per diluted share after-tax, related to insurance proceeds received during the second quarter for the land drilling rig that was lost in a fire. For the year ended December 31, 2011, the Company reported revenues of $3.5 billion, EBITDA of $698.1 million and $322.5 million of net income, or $5.86 per diluted share.

2 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,058.35 -469.68 -2.84%
S&P 500 1,913.85 -58.33 -2.96%
NASDAQ 4,636.1050 -140.4030 -2.94%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs