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Dril-Quip 3Q Net Up 10% Absent Prior-Year Charges; Revenue Up

DOW JONES NEWSWIRES Dril-Quip Inc.'s (DRQ) third-quarter earnings rose 10% absent prior-year charges as the maker of offshore oil-and-gas drilling and production equipment reported stronger revenue and backlog. The company, which has reported growth in recent quarters owing to stronger offshore-rig-equipment revenue, said its backlog as of Sept. 30 rose to $625 million from $563 million a year earlier and was up $87 million from the second quarter. The results come as offshore drilling in the U.S. Gulf of Mexico was halted for months in the wake of the Deepwater Horizon explosion. Dril-Quip reported a profit of $27.7 million, or 69 cents a share, up from $25.1 million, or 63 cents a share, a year earlier, which included $4.2 million in charges. Revenue increased to $140.1 million $138.2 million. Analysts polled by Thomson Reuters most recently forecast earnings of 69 cents a share on revenue of $140.9 million. Gross margin edged down to 43.3% from 43.4%. For the fourth quarter, the company expects earnings of 64 cents to 74 cents a share. Analysts on average anticipated 70 cents. Shares closed Wednesday at $69.84 and were inactive premarket. The stock is up 24% this year. -By Tess Stynes, Dow Jones Newswires; 212-416-2481;

Stock News for Dril Quip (DRQ)
08/14/201516:08:58Initial Statement of Beneficial Ownership (3)
08/12/201516:08:12Current Report Filing (8-k)
08/12/201507:30:00Dril-Quip, Inc. Announces Addition To Its Board Of Directors
07/30/201516:16:16Current Report Filing (8-k)
07/30/201507:30:00Dril-Quip, Inc. Announces Results For Second Quarter 2015
07/30/201506:10:06Quarterly Report (10-q)
07/02/201510:05:02Statement of Changes in Beneficial Ownership (4)
07/02/201510:05:02Statement of Changes in Beneficial Ownership (4)
07/02/201510:05:02Statement of Changes in Beneficial Ownership (4)
07/02/201510:04:34Statement of Changes in Beneficial Ownership (4)
05/22/201516:37:08Specialized Disclosure Report (sd)
05/20/201516:18:28Current Report Filing (8-k)
05/12/201516:59:54Statement of Changes in Beneficial Ownership (4)
05/01/201510:05:15Barclays Raises Dril-Quip Price Target to $75.00 (DRQ)
04/30/201516:24:25Current Report Filing (8-k)
04/30/201507:30:00Dril-Quip, Inc. Announces Results For First Quarter 2015
04/30/201506:19:41Quarterly Report (10-q)
04/02/201517:16:16Additional Proxy Soliciting Materials (definitive) (defa14a)
04/02/201517:14:06Proxy Statement (definitive) (def 14a)
04/02/201510:26:38Statement of Changes in Beneficial Ownership (4)

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