Drilling Tools International Corp. reported its third quarter 2024 financial results on November 13, 2024, with total consolidated revenue reaching $40.1 million. The company generated $28.1 million from tool rental revenue and $12.0 million from product sales revenue. Income from operations for the quarter was $4.3 million.
Net income for the third quarter was $867,000, with diluted earnings per share at $0.03. Adjusted EBITDA stood at $11.1 million, and adjusted free cash flow was $7.8 million. As of September 30, 2024, DTI held approximately $12 million in cash and cash equivalents, with net debt at $32.1 million.
Management stated that third quarter results improved sequentially but were less than expected due to softer market conditions. The company revised its 2024 full-year outlook, projecting revenue between $145 million and $155 million, adjusted EBITDA between $38 million and $43 million, and adjusted free cash flow between $18 million and $21 million. This revision incorporates anticipated sequential slowdowns due to holiday breaks, budget exhaustion, and customer capital discipline in the fourth quarter.
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