• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Dril-Quip, Inc. Announces Results for Third Quarter 2009

Posted on: Friday, 6 November 2009, 06:30 CST

HOUSTON, Nov. 6 /PRNewswire-FirstCall/ -- Dril-Quip, Inc. (NYSE: DRQ) today announced net income of $25.1 million, or $0.63 per diluted share for the three months ended September 30, 2009, versus net income of $27.4 million, or $0.69 per diluted share for the third quarter of 2008. The third quarter 2009 results include an after-tax charge of $3.5 million, or $0.09 per diluted share, related to the recognition of employment contract termination expenses resulting from the death of Gary D. Smith, one of the Company's Co-Chief Executive Officers, during the quarter. Total revenues were $138.2 million during the quarter ended September 30, 2009 compared to $132.3 million for the same period in 2008.

For the nine months ended September 30, 2009, net income was $76.5 million, or $1.94 per diluted share, compared with net income of $80.5 million, or $1.98 per diluted share, for the same period in 2008. Revenues for the nine months ended September 30, 2009 were $398.9 million, down from $407.2 million for the same period last year.

In addition, the Company announced that its backlog at September 30, 2009 was approximately $623 million, compared to its September 30, 2008 backlog of approximately $528 million. The Company expects its earnings per share for the quarter ending December 31, 2009 to approximate $0.62 to $0.72 per diluted share, excluding any unusual or special charges.

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, 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 Nine months ended September 30, September 30, 2008 2009 2008 2009 Revenues $132,271 $138,157 $407,228 $398,865 Cost and expenses: Cost of sales 74,230 78,260 235,775 227,684 Selling, general and administrative 15,734 13,260 43,539 40,697 Engineering and product development 6,489 6,979 19,624 19,855 Special item - 5,224 - 5,224 96,453 103,723 298,938 293,460 Operating income 35,818 34,434 108,290 105,405 Interest income 497 66 3,130 410 Interest expense (47) (20) (149) (97) Income before income taxes 36,268 34,480 111,271 105,718 Income tax provision 8,822 9,396 30,731 29,256 Net income $27,446 $25,084 $80,540 $76,462 Diluted earnings per share $0.69 $0.63 $1.98 $1.94 Weighted average shares - diluted 39,832 39,565 40,625 39,440 Depreciation and amortization $4,366 $4,681 $12,656 $13,345 Capital expenditures $9,123 $15,230 $39,365 $38,113

SOURCE Dril-Quip, Inc.

Source: PR Newswire

More News in this Category