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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; [email protected]

Stock News for Dril Quip (DRQ)
03/23/201706:00:00Dril-Quip, Inc. To Present At Scotia Howard Weil Energy Conference
03/15/201716:12:06Current Report Filing (8-k)
03/15/201713:03:11Statement of Changes in Beneficial Ownership (4)
03/15/201712:57:47Initial Statement of Beneficial Ownership (3)
03/09/201716:13:28Current Report Filing (8-k)
03/09/201706:00:00Dril-Quip Announces Appointment Of Jeffrey Bird As Vice President...
02/28/201706:08:58Annual Report (10-k)
02/28/201706:00:00Dril-Quip, Inc. Announces Results For 4th Quarter & Year End...
02/14/201711:16:51Amended Statement of Ownership (sc 13g/a)
02/09/201714:06:02Amended Statement of Ownership (sc 13g/a)
02/09/201706:08:33Statement of Ownership (sc 13g)
01/30/201716:07:44Current Report Filing (8-k)
01/23/201714:24:15Amended Statement of Ownership (sc 13g/a)
01/06/201706:00:00Dril-Quip Acquires The Technologies Alliance, Inc. d/b/a OilPatch...
01/04/201710:25:57Statement of Changes in Beneficial Ownership (4)
01/04/201710:25:31Statement of Changes in Beneficial Ownership (4)
01/04/201710:25:31Statement of Changes in Beneficial Ownership (4)
01/04/201710:25:31Statement of Changes in Beneficial Ownership (4)
12/15/201616:33:00Statement of Changes in Beneficial Ownership (4)
11/18/201616:06:25Statement of Changes in Beneficial Ownership (4)

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