Dril-Quip Revenues Increase 12% in Q4 2007

Dril-Quip, Inc. announced net income of $32.2 million, or $0.78 per diluted share for the three months ended December 31, 2007, versus net income of $24.9 million, or $0.61 per diluted share for the fourth quarter of 2006. Total revenues increased approximately 12% to $132.8 million for the quarter ended December 31, 2007 from $118.3 million for the same period in 2006 as the Company continued to experience strong worldwide demand for its products and services. Operating income increased to $36.1 million in the fourth quarter of 2007 from $33.8 million in the fourth quarter of 2006.

In the fourth quarter of 2007 the Company benefited from a foreign development tax incentive which resulted in a reduction in income taxes of approximately $4.7 million, or $0.11 per diluted share. As a result, the Company's effective tax rate for the fourth quarter of 2007 was 15.8% as compared to 29.5% for the fourth quarter of 2006.

For the twelve months ended December 31, 2007, net income was $107.9 million, or $2.63 per diluted share, compared with net income of $86.9 million, or $2.15 per diluted share, for the same period in 2006. Revenues for the twelve months ended December 31, 2007 were $495.6 million, up approximately 12% when compared to revenues of $442.7 million for the same period last year. Operating income increased to $138.4 million for the twelve months ended December 31, 2007 from $122.4 million during the same period of 2006.

The Company's effective tax rate for the twelve months ended December 31, 2007 was 26.2% as compared to 30.7% for the twelve months ended December 31, 2006. This reduction occurred primarily as a result of the foreign development tax incentive mentioned above. The Company anticipates that its effective tax rate for the year ended December 31, 2008 will be approximately 29%.

In addition, the Company announced that its backlog at December 31, 2007 was approximately $429 million, compared to its December 31, 2006 backlog of approximately $336 million. The Company expects its earnings per share for the quarter ending March 31, 2008 to approximate $0.62 to $0.72 per share, excluding any unusual or special charges.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Billing Manager
Expertise: Accounting
Location: Houston, TX
 
Business Development Director - Midstream Services
Expertise: Business Development|Operations Management
Location: Houston, TX
 
US Houston: Hyperion Financial Management Admin.
Expertise: Accounting|Financial Analyst
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $55.86/BBL 0.73%
Light Crude Oil : $52.64/BBL 0.51%
Natural Gas : $3.42/MMBtu 0.00%
Updated in last 24 hours