Dril-Quip Sees Profit Rise in 1H 2014

Dril-Quip, Inc. has announced net income of $51.3 million, or $1.27 per diluted share for the three months ended June 30, 2014, versus net income of $42.9 million, or $1.05 per diluted share for the second quarter of 2013.

Total revenues were $230.3 million during the quarter ended June 30, 2014 compared to $222.0 million for the same period in 2013. The second quarter 2014 results were unfavorably impacted by an after-tax foreign exchange loss of $1.5 million, or $0.04 per diluted share, as compared to an after-tax foreign exchange loss of $700,000, or $0.02 per diluted share during the second quarter of 2013.

For the six months ended June 30, 2014, net income was $93.9 million, or $2.31 per diluted share compared with net income of $82.8 million, or $2.03 per diluted share for the same period in 2013. Total revenues rose to $434.4 million during the six months ended June 30, 2014 from $415.2 million during the same period in 2013. The results for the first six months of 2014 were also negatively impacted by an after-tax foreign exchange loss of $2.2 million, or $0.05 per diluted share, as compared to an after-tax foreign exchange gain of $3.5 million, or $0.09 per diluted share during the first half of 2013.

In addition, the Company announced that its backlog at June 30, 2014 was approximately $1.32 billion, compared to its June 30, 2013 backlog of approximately $1.14 billion and its March 31, 2014 backlog of approximately $1.35 billion. Based upon current market conditions and excluding foreign currency gains/losses or any unusual items, the Company expects its earnings per diluted share for the quarter ending September 30, 2014 to approximate $1.20 to $1.30 per share. The Company also announced that it currently expects its full-year 2014 earnings per diluted share to be in the range of $4.70 to $4.90, excluding foreign currency gains/losses or any unusual items.

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, July 30, 2014

 

Share this article

Follow Subsea World News

Events>

<< Oct 2019 >>
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

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

read more >

OCEANS 2019

OCEANS is the bi-annual event for global marine technologists, engineers, students…

read more >

OTC Brasil

The conference is organized by the Offshore Technology Conference (OTC) and Brazilian Petroleum…

read more >

Europort 2019

Europort, organised in the world port city of Rotterdam, will be the leading exhibition for special purpose vessels…

read more >