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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; Tess.Stynes@dowjones.com

Stock News for Dril Quip (DRQ)
DateTimeHeadline
05/19/201616:26:09Specialized Disclosure Report (sd)
05/19/201608:15:00Why Investors Remain Optimistic about These Stocks? - Oil States...
05/17/201616:11:27Current Report Filing (8-k)
04/27/201606:05:07Current Report Filing (8-k)
04/26/201606:10:02Quarterly Report (10-q)
04/26/201606:00:00Dril-Quip, Inc. Announces Results For First Quarter 2016
04/04/201615:44:26Statement of Changes in Beneficial Ownership (4)
04/04/201615:43:34Statement of Changes in Beneficial Ownership (4)
04/04/201615:43:12Statement of Changes in Beneficial Ownership (4)
04/04/201615:41:51Statement of Changes in Beneficial Ownership (4)
03/31/201616:23:46Additional Proxy Soliciting Materials (definitive) (defa14a)
03/31/201616:22:12Proxy Statement (definitive) (def 14a)
03/17/201606:00:00Dril-Quip, Inc. To Present At Scotia Howard Weil Energy Conference
02/25/201606:42:03Annual Report (10-k)
02/25/201606:00:00Dril-Quip, Inc. Announces Results For 4th Quarter & Year End...
02/12/201609:10:14Amended Statement of Ownership (sc 13g/a)
02/11/201611:11:44Amended Statement of Ownership (sc 13g/a)
02/11/201606:00:00Dril-Quip To Establish Singapore R&D Facility
02/10/201610:19:47Amended Statement of Ownership (sc 13g/a)
02/08/201612:16:35Amended Statement of Ownership (sc 13g/a)

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