During its second quarter, Superior Drilling Products (ticker: SDPI) reported revenue of $4.0 million, up from $2.9 million in the previous year’s Q2. The company’s net income was $0.3 million for Q2, up $3.4 million from a Q2, 2016 loss.
The company’s Drill-N-Ream®—or DnR—technology increased in sales and the company said that its channel partner successfully achieved its June 2017 market share goal with the DnR. Revenue from the company’s tool sales increased to $2.5 million—an increase of 179% over its prior year period.
The company’s contract services were $1.6 million—reflecting an increase of 601% from Q2, 2016.
Looking into the future, Superior noted that it intended to expand its global reach with channel partners. The Q2 update said that Superior was discussing the addition of the company’s completions system tool—the Coiled Tubing Strider—to channel partners’ inventories.
Superior Drilling Products will be a presenting company at the upcoming EnerCom conference in Denver, Colorado—The Oil & Gas Conference® 22.
The conference is EnerCom’s 22nd Denver-based oil and gas focused investor conference, bringing together publicly traded E&Ps and oilfield service and technology companies with institutional investors. The conference will be at the Denver Downtown Westin Hotel, August 13-17, 2017. For details please visit the conference website.
