Dril-Quip Ups Earnings, Drops Guidance

Dril-Quip has earned $59.1 million, or $1.50 per diluted share, for the three months ended December 31, 2014, versus net income of $47.1 million, or $1.15 per diluted share, for the fourth quarter of 2013.

According to the company, the fourth quarter 2014 results were favorably impacted by an after-tax foreign exchange gain of $2.6 million, or $0.07 per diluted share, as compared to an after-tax foreign exchange loss of $2.3 million, or $0.06 per diluted share, during the fourth quarter of 2013. Total revenues were $254.8 million during the quarter ended December 31, 2014 compared to $232.5 million for the same period in 2013.

For the year ended December 31, 2014, net income was $208.7 million, or $5.19 per diluted share, compared with net income of $169.8 million, or $4.16 per diluted share, for 2013. The results for the twelve months ended December 31, 2014 were favorably impacted by an after-tax foreign exchange gain of $3.4 million, or $0.08 per diluted share, as compared to an after-tax foreign exchange loss of $4.6 million, or $0.11 per diluted share, during the year ended December 31, 2013. Total revenues for the year ended December 31, 2014 were $931.0 million, compared to $872.4 million for the same period in 2013.

Blake DeBerry, Dril-Quip’s President and CEO, stated: “I am extremely proud of the performance of our employees during 2014. Despite significant headwinds, we managed to deliver earnings per share results in line with our beginning of the year expectations and we were able to finish the year with a backlog of approximately $1.2 billion, the same as our year end 2013 backlog.

“Along with our entire industry, we will face numerous challenges throughout 2015. Falling oil prices have led to declining capital expenditure budgets for our customers and to uncertainties related to our bookings and our book-and-ship business for the year. These factors, combined with customer requests for pricing discounts, are expected to have a negative impact on both our revenue and gross margins. Accordingly, we expect our earning per diluted share for 2015 to approximate $4.60 to $4.80 and our first quarter earnings per diluted share to approximate $1.10 to $1.20.”

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