For the twelve months ended December 31, 2006, net income was $86.9 million, or $2.15 per diluted share, compared with net income of $32.6 million, or $0.90 per diluted share, for the same period in 2005. Revenues for the twelve months ended December 31, 2006 were $442.7 million, up approximately 30% when compared to revenues of $340.8 million for the same period last year. Operating income increased to $122.4 million for the twelve months ended December 31, 2006 from $49.2 million during the same period of 2005.
All share and earnings per share data contained in this press release have been restated to reflect the increased number of common shares outstanding resulting from the Company's two-for-one stock split, accomplished through a stock dividend, on October 5, 2006 to stockholders of record as of September 21, 2006.
In addition, the Company announced that its backlog at December 31, 2006 was approximately $336 million, compared to its December 31, 2005 backlog of approximately $248 million. The Company expects its earnings per share for the quarter ending March 31, 2007 to approximate $0.55 to $0.65 per 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.
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