Dril-Quip has reported net income of $94 thousand, or $0.00 per diluted share, for the three months ended March 31, 2017, versus net income of $36.8 million, or $0.97 per diluted share, for the first quarter of 2016.

The first quarter 2017 results were negatively impacted by after-tax severance payments in the amount of $1.3 million, or $0.03 per diluted share, and a net loss from operations of TIW Corporation of $0.9 million, or $0.02 per diluted share. Though there was no material foreign currency gain or loss during the first quarter of 2017, the first quarter 2016 results were favorably impacted by an after-tax foreign exchange gain of $5.4 million, or $0.14 per diluted share.

In addition, total revenues were $119.2 million during the quarter ended March 31, 2017 compared to $166.6 million for the same period in 2016 and $106.1 million for the fourth quarter of 2016.

Product bookings were approximately $71.1 million during the quarter compared to $32.2 million for the same period in 2016 and $62.7 million for the fourth quarter of 2016.

The company’s backlog at March 31, 2017 was approximately $296 million, compared to backlog of approximately $522 million same time last year.

Blake DeBerry, Dril-Quip’s president and CEO, said: “Looking ahead, we plan to continue to minimize expenses and proceed with our forward-focused strategy, which includes the pursuit of acquisition candidates, the continuation of our research and development activities and the repurchase of shares on an opportunistic basis. We believe that these efforts, combined with our debt-free balance sheet and strong cash position, will serve the company well as the industry rebounds.

“There is no doubt that the remainder of 2017 will be difficult for the offshore sector. However, we continue to believe that we will be net income and free cash flow positive for the year, barring any unexpected deterioration in market conditions.”