Dril-Quip Reports Net Income of $42.6 Mln for Q1 2014

Dril-Quip, Inc. announced net income of $42.6 million, or $1.04 per diluted share for the three months ended March 31, 2014, versus net income of $39.8 million, or $0.98 per diluted share for the first quarter of 2013.

Total revenues were $204.1 million during the quarter ended March 31, 2014 compared to $193.2 million for the same period in 2013. The first quarter 2014 results were unfavorably impacted by the Company’s inability to recognize approximately $10 million of revenue related to items of equipment that were completed but not accepted for delivery by one of its major customers. The Company is engaged in discussions with the customer to resolve a disagreement regarding certain contractual requirements. In addition, the first quarter 2014 results were unfavorably impacted by an after-tax foreign exchange loss of $660,000, or $0.02 per diluted share, as compared to an after-tax foreign exchange gain of $4.1 million, or $0.10 per diluted share during the first quarter of 2013.

The Company’s backlog at March 31, 2014 was approximately $1.35 billion, compared to its March 31, 2013 backlog of approximately $1.02 billion and its December 31, 2013 backlog of approximately $1.18 billion. Based on current market conditions and excluding any unusual or special charges, the Company expects its earnings per diluted share for the quarter ending June 30, 2014 to approximate $1.05 to $1.15. The Company also announced that, due primarily to uncertainties surrounding the customer acceptance issues described above, its full-year 2014 earnings guidance is being reduced from a range of $5.00 to $5.20, to a range of $4.70 to $4.90, excluding any unusual or special charges.

Dril-Quip is a leading manufacturer of highly engineered offshore drilling and production equipment, which is well suited for use in deepwater, harsh environment and severe service applications.

Press Release, May 09, 2014

Share this article

Follow Subsea World News

Events>

<< May 2018 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

ICOE – International Conference on Ocean Energy 2018

The International Conference on Ocean Energy (ICOE) is a global marine energy event focused on the industrial development of ocean energy…

read more >

Deep Sea Mining Summit 2018

The Deep Sea Mining Summit 2018 will bring together a large array of solution providers…

read more >

25th Anniversary International Caspian Oil & Gas Conference

In 2018, the largest oil and gas event in the Caspian Region – the Caspian Oil & Gas Exhibition and Conference Incorporating Refining…

read more >

OFFSHORE WIND – SUBSEA CHALLENGES AND OPPORTUNITIES

This event is organsied in collaboration with Norwegian Energy Partners, Norwegian Offshore Wind Cluster and Sparebanken Vest…

read more >