Innovex International Inc
F:DQU0
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Innovex International Inc
Innovex International, Inc. designs, manufactures, sells and rents a broad suite of well-centric, engineered products to the global oil and natural gas industry. The Company’s products are sold and rented to international oil companies, national oil companies, independent exploration and production companies and multinational service companies. The products it provides have applications across the well lifecycle for both onshore and offshore oil and natural gas wells, including well construction, well completion, and well production and intervention applications. The Company's products include subsea wellheads, subsea wellhead connectors, subsea services, surface/platform unitized systems, drilling wellheads, frac solutions, production wellheads, thermal wellheads, reamers & stabilizers, drilling enhancement tools, penetrators & connectors, surefire power charges, casing flotation subs, gas lift systems, and others.
Innovex International, Inc. designs, manufactures, sells and rents a broad suite of well-centric, engineered products to the global oil and natural gas industry. The Company’s products are sold and rented to international oil companies, national oil companies, independent exploration and production companies and multinational service companies. The products it provides have applications across the well lifecycle for both onshore and offshore oil and natural gas wells, including well construction, well completion, and well production and intervention applications. The Company's products include subsea wellheads, subsea wellhead connectors, subsea services, surface/platform unitized systems, drilling wellheads, frac solutions, production wellheads, thermal wellheads, reamers & stabilizers, drilling enhancement tools, penetrators & connectors, surefire power charges, casing flotation subs, gas lift systems, and others.
Strong Revenue Growth: Q4 revenue reached $251 million, up 89% year-over-year and 5% sequentially, driven by the Dril-Quip and DWS acquisitions.
Margin Expansion: EBITDA margin improved to 20% in Q4 from 18% in Q3, with management targeting 25% longer-term as synergies are fully realized.
Cost Synergy Achievement: Innovex achieved its $30 million annualized cost synergy target from the Dril-Quip merger faster than expected.
Accretive Acquisitions: The DWS and SCF Machining acquisitions were funded with free cash flow, immediately accretive, and fit Innovex’s strategic model.
Facility Sale Plan: The company plans to sell the Dril-Quip Eldridge facility in 2024, aiming to improve efficiency, generate cash, and reduce costs.
Share Repurchase: A $100 million share buyback program has been authorized, providing flexibility in capital allocation.
Guidance: Q1 2025 revenue is expected at $245–255 million with adjusted EBITDA of $45–50 million, reflecting full-quarter DWS contribution and some seasonal softness.
