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Innovex International Q3 revenue beats estimates on US land activity

By Reuters News


Overview

  • US oilfield equipment provider's Q3 revenue rose 10% yr/yr, beating analyst expectations

  • Adjusted EBITDA for Q3 beat analyst expectations

  • Company cited strong operational execution in US and international markets


Outlook

  • Innovex expects Q4 2026 revenue of $260 mln to $270 mln

  • Company sees Q4 2026 adjusted EBITDA of $53 mln to $58 mln

  • Company says project timing and geopolitical uncertainty may cause quarter-to-quarter variability


Result Drivers

  • US LAND ACTIVITY - Co said increased activity and share gains in US Land, especially cementing tools, contributed to Q3 results

  • VENEZUELA RE-ENTRY - Co said re-entry into Venezuela amid recovering activity provided new growth opportunities


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

Beat

$265.05 mln

$261.58 mln (4 Analysts)

Q3 Net Income

$26.29 mln

Q3 Adjusted EBITDA

Beat

$55.4 mln

$53.51 mln (5 Analysts)

Q3 Capex

$6 mln

Q3 Operating income

$32.33 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the oil related services and equipment peer group is "buy"

  • Wall Street's median 12-month price target for Innovex International Inc is $34.50, about 13.6% above its October 28 closing price of $30.37

  • The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 14 three months ago


Reuters Recommended Reads

  • Oct 28 - Oilfield services firms lean on Middle East rebound but risks persist

  • Oct 27 - Nabors Q3 revenue beats estimates

  • Oct 28 - Patterson-UTI Q3 revenue beats on strong US drilling demand


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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