Innovex International Q3 revenue beats estimates on US land activity

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

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

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(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.)