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

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

More info

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