Houstonian Stewart & Stevenson helps its customers quench their thirst for Texas Tea. The company is a leading supplier of equipment used in oilfield services. Stewart & Stevenson operates three divisions: Equipment (oil well stimulation, coil tubing, engines, and material handling equipment), Aftermarket Parts and Service (parts and service for customers in oil and gas, marine, power generation, mining, and construction industries), and Rental (rental of generators, material handling equipment, and air compressors). While the company primarily sells and markets its products directly through its own sales and service centers, it also uses 155 authorized dealers and independent overseas sales representatives.
In 2011 Stewart & Stevenson filed an IPO, seeking to raise up to $250 million to pay down debt.
Stewart & Stevenson's diverse base of more than 2,000 customers includes major oil and gas service companies, integrated and national oil companies, drilling contractors, as well as clients in the construction, marine, mining, and power generation industries. Demand for the company's products are driven by capital spending in the oil and gas industry.
Stewart & Stevenson operates in Canada, China, Russia, South America, and the US. It has 600 service bays in the US, Canada, and in other countries and also provides aftermarket parts through a network of 155 authorized dealers.
Continuing a growth trend since the end of the 2009 recession, in fiscal 2012 the company reported a 54% jump in revenues as higher oil prices and strong oil and gas exploration and production activities led to a strong demand for the company's equipment and services. Demand for well stimulation and seismic services (in support of the boom in gas shale production in North America) was particularly strong. The much higher 2012 revenues enabled Stewart & Stevenson to move its results from a net loss of $10 million in 2010 to a net income of $97.9 million in 2012.
Growing its portfolio, in 2011 the company acquired US-based diesel engine marketer and distributor EMDSI - Hunt Power from ITOCHU for an undisclosed price. – less