HOUSTON, April 30, 2015 /PRNewswire/ -- Dril-Quip,
Inc. (NYSE: DRQ) today announced net income of $53.7 million, or $1.38 per diluted share, for the three months
ended March 31, 2015, versus net
income of $42.6 million, or
$1.04 per diluted share, for the
first quarter of 2014. Total revenues were $226.0 million during the quarter ended
March 31, 2015 compared to
$204.1 million for the same period in
2014. In addition, the first quarter 2015 results were favorably
impacted by an after-tax foreign exchange gain of $4.8 million, or $0.12 per diluted share, as compared to an
after-tax foreign exchange loss of $660,000, or $0.02
per diluted share, during the first quarter of 2014. The Company's
backlog at March 31, 2015 was
approximately $1.1 billion, compared
to its March 31, 2014 backlog of
approximately $1.3 billion and its
December 31, 2014 backlog of
approximately $1.2 billion.
Blake DeBerry, Dril-Quip's
President and CEO, stated, "We are pleased with our first quarter
2015 results as both revenue and gross margins exceeded our
expectations in the face of difficult industry conditions. As
anticipated, new product orders were soft during the quarter but we
expect bookings to strengthen as the year
progresses. Additionally, we believe that our strong balance
sheet and free cash flow during 2015 will allow us to enhance
shareholder value through both stock repurchases and potential
M&A activity, should attractive opportunities arise."
Based upon current market conditions, the Company expects its
earnings per diluted share for the second quarter of 2015 to
approximate $1.15 to $1.25 and its
earnings per diluted share for the full year to approximate
$4.60 to $4.80, excluding any unusual
items and foreign currency gains and losses.
Dril-Quip is a leading manufacturer of highly engineered
offshore drilling and production equipment, which is well suited
for use in deepwater, harsh environment and severe service
applications.
Statements contained herein relating to future operations and
financial results that are forward looking statements are based
upon certain assumptions and analyses made by the management of the
Company in light of its experience and perception of historical
trends, current conditions, expected future developments and other
factors. These statements are subject to risks beyond the Company's
control, including, but not limited to, the volatility of oil and
natural gas prices and cyclicality of the oil and gas industry,
uncertainties regarding the effects of new governmental
regulations, the Company's international operations, operating
risks, and other factors detailed in the Company's public filings
with the Securities and Exchange Commission. Investors are
cautioned that any such statements are not guarantees of future
performance and actual outcomes may vary materially from those
indicated.
|
Dril-Quip,
Inc.
|
|
Comparative Condensed
Consolidated Statements of Income
|
|
(in thousands, except
per share amounts)
|
|
(Unaudited)
|
|
|
|
Three months
ended
March
31,
|
|
2015
|
2014
|
|
Revenues
|
$ 226,002
|
$ 204,073
|
|
Cost and
expenses:
|
|
|
|
Cost of
sales
|
125,138
|
110,787
|
|
Selling, general and
administrative
|
16,958
|
23,935
|
|
Engineering and
product development
|
12,213
|
10,784
|
|
|
|
|
154,309
|
145,506
|
|
|
|
|
Operating
income
|
71,693
|
58,567
|
|
Interest
income
|
49
|
83
|
|
Interest
expense
|
(3)
|
(7)
|
|
|
|
|
Income before income
taxes
|
71,739
|
58,643
|
|
Income tax
provision
|
18,075
|
16,025
|
|
|
|
|
Net income
|
$ 53,664
|
$ 42,618
|
|
|
|
|
Diluted earnings per
share
|
$ 1.38
|
$ 1.04
|
|
|
|
|
Weighted average
shares–diluted
|
38,940
|
40,887
|
|
|
|
|
Depreciation and
amortization
|
$ 7,455
|
$ 7,680
|
|
|
|
|
Capital
expenditures
|
$ 6,156
|
$ 13,220
|
|
|
|
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SOURCE Dril-Quip, Inc.