Oil States reports Q1 EPS (3c), consensus (1c)

Reports Q1 revenue $167.26M, consensus $190.07M. Oil States’ president and CEO, Cindy Taylor, stated, “Our first quarter consolidated revenues and Adjusted EBITDA decreased sequentially due primarily to the impacts of seasonality and timing of revenue recognition for our percentage-of-completion projects in our Offshore Manufactured Products segment, where revenues increased year-over-year but declined sequentially. Certain orders moved out of the quarter, resulting in segment backlog of $305 million as of March 31, and a quarterly book-to-bill ratio of 0.8x.”