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Superior Drilling Breaks Even

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Utah-based Superior Drilling Products, a designer and manufacturer of drilling tool technologies, today reported second quarter revenue of $3.4m, up $1.4m over prior-year period.

The company has gained global market share with presence on more rigs. North America revenue was up by 74% and international revenue increased by 37% over the prior-year period.

Rig efficiencies have driven higher levels of drilling activity with more wells and greater footage even as rig count stabilizes.

CEO Troy Meier said: “We believe our strong growth this quarter clearly demonstrated the value of our Drill-N-Ream well bore conditioning tool as well as the growing demand for our manufacturing capabilities. The DNR is enabling drilling innovation. We believe that by including our tool in their drill string, producers are able to drill more complex well profiles and increase the total flow area of their wells while covering greater footage in shorter amounts of time. Additionally, we are expanding the volume and products we manufacture for our long-time legacy customer to support their efforts to provide quality products while advancing their technologies.”

Cost savings efforts and higher volume drove positive cash generation from operations, and the company ended the quarter with $2.7m of cash on hand. The company achieved break-even earnings per diluted share with net loss of $67,000 and adjusted pretax earnings of was $1m, or 28.2% as a percent of revenue.

Meier said: “While we are not yet back to pre-pandemic levels, we continue to gain market share as markets recover. We expect that we will continue to grow through 2021 and be back on track in 2022 to resume the growth plans we had expected at the end of 2019.”

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