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Superior Drilling Products Inc. (NYSE American: SDPI) is an industry leader specializing in the innovative design and manufacturing of drilling tool technologies for the oil, natural gas, and mining services industry. Headquartered in Vernal, Utah, the company has been a top player in the polycrystalline diamond compact (PDC) drill bit market for over two decades.
SDPI's core business includes the development and commercialization of advanced drilling tools, such as the patented Drill-N-Ream® wellbore conditioning tool and the Strider™ oscillation system technology. These tools enhance the efficiency and effectiveness of horizontal and directional drilling operations, providing cost-saving solutions that drive production efficiencies for the oil and gas sector.
Additionally, Superior Drilling Products is known for its state-of-the-art remanufacturing capabilities. The company refurbishes PDC drill bits, extending their life and improving their performance, which is particularly valued by leading oil field service companies. The company operates a cutting-edge drill tool fabrication facility in Vernal, Utah, that supports both its proprietary product lines and custom fabrication for clients.
In recent news, Superior Drilling Products has entered into a definitive agreement to be acquired by Drilling Tools International Corp. (NASDAQ: DTI) for approximately $32.2 million. This acquisition, expected to close in the third quarter of 2024, aims to leverage the synergies between the two companies. DTI, a prominent oilfield services company, has been the exclusive North American distributor for SDPI's Drill-N-Ream® tool since 2016. The merger is set to drive manufacturing and distribution efficiencies, particularly expanding the reach of the Drill-N-Ream technology into the Middle East market.
Financially, SDPI has showcased strong performance, with the majority of its revenue derived from North America. The company is poised for growth both domestically and internationally, with a strategic focus on increasing its market presence and enhancing shareholder value through innovation and strategic partnerships.
This merger with DTI is seen as a significant milestone, promising to bolster SDPI's market position and accelerate its growth trajectory in the oilfield services industry.
Superior Drilling Products (SDPI) reported a strong financial performance for the year ending December 31, 2022, with revenue growth of 43% to $19.1 million, driven by demand for its Drill-N-Ream® tool and contract services. The operating income improved to $1.9 million, marking a significant turnaround from a loss the previous year. Fourth quarter revenue surged by 33% to $5.3 million, with net income reaching $1.1 million or $0.04 per diluted share. The company anticipates 2023 revenue between $24 million and $27 million, aiming to capitalize on expanding operations, particularly in the Middle East. Cash at year-end was $2.2 million, with total debt at $1.7 million.
Superior Drilling Products, Inc. (AMEX: SDPI) will announce its fourth quarter and full year 2022 financial results on March 10, 2023, before market opening. A conference call is scheduled for 10:00 a.m. MT to discuss the results and corporate strategy, followed by a Q&A session. A telephonic replay will be available from 1:00 p.m. MT until March 17, 2023. The company specializes in innovative drilling tool technologies, offering solutions such as the patented Drill-N-Ream® and Strider™ oscillation system for the oil and gas industry. More details can be found on their website.
Superior Drilling Products, Inc. (SDPI) reported preliminary revenue for 2022, expected to range from
Superior Drilling Products reported a 45% increase in third quarter revenue, totaling $5.2 million, driven by a 51% growth in Contract Services and 43% in Tool revenue. The company achieved a net income of $639,000, or $0.02 per diluted share, alongside an Adjusted EBITDA of $1.5 million with a margin of 29.5%. With $2.0 million in cash and $7.5 million in shareholders’ equity, guidance for 2022 revenue is expected between $22 million to $24 million, bolstered by a significant fleet sale in the Middle East.
Superior Drilling Products, Inc. (NYSE American: SDPI) will release its third-quarter 2022 financial results before the market opens on November 11, 2022. The Company plans to host a conference call at 10:00 a.m. MT to discuss the financial results, corporate strategy, and future outlook. A replay will be available later that day. SDP specializes in innovative drilling tool technologies designed to enhance efficiency in the oil and gas sector, including the patented Drill-N-Ream® and Strider™ systems.
Superior Drilling Products, Inc. (SDPI) has updated its expectations for Q3 2022, projecting revenues between
Superior Drilling Products, Inc. (NYSE American: SDPI) will present at the MicroCap Rodeo Windy City Roundup conference in Chicago on October 12, 2022, at 5:00 pm ET. CEO Troy Meier and CFO Christopher Cashion will discuss the company's innovative drilling tool technologies.
Interested investors can access the webcast and presentation materials via SDPI’s website or through the conference link. An archive will be available post-event.
Superior Drilling Products, Inc. (SDPI) has received a grant of up to $750,000 from the State of Utah's Governor's Office as part of the Manufacturing Modernization Grant Program. This funding will support the acquisition of a new high-speed CNC machine and enhance facility technology and employee training. CEO Troy Meier highlighted the company's 30-year history in Utah and its plans to expand its capacity in response to growing domestic and international demand for drilling tools. This grant underscores the state's commitment to manufacturing growth.
In the second quarter, the company reported a 34% increase in revenue, totaling $4.5 million, with tool revenue up 27% and contract services revenue rising 47% year-over-year. The balance sheet strengthened with $2.8 million in cash and $6.7 million in shareholders’ equity. A strategic international channel partner was secured in the Middle East and North Africa. The company anticipates 2022 revenue between $22 million to $25 million and adjusted EBITDA of $6 million to $8 million, factoring in the sale of DNR tool fleet.
Superior Drilling Products, Inc. (AMEX: SDPI) will release its second quarter 2022 financial results before markets open on August 12, 2022. Following the release, the Company will host a conference call at 10:00 a.m. MT to discuss the quarter's financial and operational results, along with its corporate strategy. The call will include a Q&A session.
SDP is recognized for its innovative drilling tools, including the patented Drill-N-Ream® tool and Strider™ oscillation technology. The company focuses on growth through enhanced product offerings in the oil and gas sector.
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