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Drilling Tools International Corp. (NASDAQ: DTI) is a premier oilfield services company headquartered in Houston, Texas. Established in 1984, DTI has evolved into a leading provider of downhole drilling tools, serving the oil and natural gas industry. The company specializes in manufacturing, renting, inspecting, and refurbishing essential tools for horizontal and directional drilling, both onshore and offshore.
Core Business and Operations: DTI's operations span across 16 locations in the United States, including Texas, California, Louisiana, Oklahoma, Pennsylvania, North Dakota, New Mexico, Utah, and Wyoming. Internationally, it operates in Canada with additional stocking points in Europe and the Middle East. DTI's expansive footprint enables it to supply a diverse customer base, providing significant advantages, especially during volatile commodity price cycles.
Recent Achievements and Current Projects: In March 2024, DTI announced the acquisition of UK-based Deep Casing Tools, a global leader in downhole technology solutions. This acquisition aligns with DTI's strategy to consolidate the oilfield service rental tool industry and expand its international presence, particularly in the Middle East. Additionally, DTI is set to acquire Superior Drilling Products, Inc., further enhancing its product offerings and shareholder value.
Financial Condition: As of the first quarter of 2024, DTI reported consolidated revenue of $37 million, with a strong financial position including $14 million in cash and a net debt of $11 million. The company recently increased its borrowing capacity to $80 million and secured a new $25 million term loan to support its growth strategy.
Partnerships and Products: DTI's extensive product portfolio includes over 65,000 rental tools, offering a significant competitive edge. The company's innovative products, such as the TurboCaserTM and MechLOKTM Drill Pipe Swivel, are designed to reduce operational costs and risks for clients. DTI's strategic partnerships and acquisitions, including its recent collaboration with Superior Drilling Products and Deep Casing Tools, highlight its commitment to innovation and customer satisfaction.
Future Outlook: DTI's inclusion in the Russell 2000, Russell 2500, and Russell 3000 indexes in July 2024 marks a significant milestone, boosting its visibility among investment managers and institutional investors. The company continues to focus on organic growth and strategic acquisitions, aiming to solidify its position as a market leader in the oilfield services sector. For more detailed information, visit www.drillingtools.com.
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.
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