Superior Drilling up on higher revenue; expects 'favorable demand'

Superior Drilling Products

12/08/2022 14:45

** Shares of energy services company Superior Drilling
Products  SDPI.A  up 4.8% at $1.08
    ** Q2 revenue rises 34% to $4.5 mln from year-ago period
 urn:newsml:reuters.com:*:nBw2CgD6a
    ** Co says Q2 revenue growth reflects continued improvement
in the oil and gas industry, success with obtaining additional
business with existing customers, and increasing market for
company's flagship tool, "Drill-N-Ream"
    ** Have continued to see favorable demand in company's North
America market, and encouraged with the improving market
conditions in the Middle East - SDPI
    ** Expects Q3 revenue of $8 mln to $9 mln and FY22 revenue
between $22 mln and $25 mln
    ** SDPI up 41% YTD 

 (Reporting by Ankit Kumar in Bengaluru)
 ((Ankit.Kumar2@thomsonreuters.com))