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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)
10/27/201616:18:36Current Report Filing (8-k)
10/27/201606:02:49Quarterly Report (10-q)
10/27/201606:00:00Dril-Quip, Inc. Announces Results For Third Quarter 2016
10/21/201616:36:06Current Report Filing (8-k)
10/17/201606:09:05Current Report Filing (8-k)
10/17/201606:00:00Dril-Quip Agrees To Acquire TIW Corporation
10/05/201609:54:19Statement of Changes in Beneficial Ownership (4)
10/05/201609:54:19Statement of Changes in Beneficial Ownership (4)
10/05/201609:54:19Statement of Changes in Beneficial Ownership (4)
10/05/201609:53:51Statement of Changes in Beneficial Ownership (4)
09/19/201606:00:00Dril-Quip, Inc. To Present At Johnson Rice 2016 Energy Conference
09/01/201606:00:00Dril-Quip, Inc. To Present At Barclays CEO Energy-Power Conference
08/01/201617:01:15Current Report Filing (8-k)
07/29/201606:04:10Quarterly Report (10-q)
07/29/201606:00:00Dril-Quip Announces Results For 2nd Quarter 2016 And Stock Repurchase...
07/12/201606:00:00Dril-Quip Awarded $40 Million Contract For The Supply Of Equipment...
07/05/201611:35:20Statement of Changes in Beneficial Ownership (4)
07/05/201611:34:54Statement of Changes in Beneficial Ownership (4)
07/05/201611:34:53Statement of Changes in Beneficial Ownership (4)
07/05/201611:34:26Statement of Changes in Beneficial Ownership (4)

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