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Innovex reports Q2 EPS 22c, consensus 29c

Reports Q2 revenue $2243.23M, one estimate $230M. The company said, “This quarter demonstrates the strength of our diversified portfolio and industrial platform. Although revenues in the quarter were slightly below our expectations, we are pleased with our profitability and Free Cash Flow, which reflect the resilience of our portfolio and our flexible supply chain model. We followed our established downcycle playbook as we grew market share on US Land, generated strong Free Cash Flow and completed the Citadel acquisition, despite falling oil prices and macro uncertainty. Citadel brings us complementary cementing tool technologies and new, blue-chip customer relationships, which we expect will drive organic growth for our existing portfolio. Our market position in US Land grew organically, and we saw early wins on revenue synergies from both the DWS and Citadel acquisitions. We intend to build on this momentum in the coming quarters by leveraging our platform. Our net cash balance sheet allows us the flexibility to continue to evaluate inorganic opportunities, provided they fit within our disciplined M&A framework and our ‘big impact, small ticket’ value proposition. Our balance sheet, diversified supply chain, and low capex operating model is designed to exploit market volatility, and we are prepared to thrive across various commodity price scenarios.”

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