Dril-Quip, Inc. (NYSE: DRQ) reports a net income of $25.4 million, or $0.62 per diluted share for the three months ended March 31, 2008, versus net income of $24.1 million, or $0.59 per diluted share for the first quarter of 2007. Total revenues increased approximately 12.5% to $132.4 million for the quarter ended March 31, 2008 from $117.7 million for the same period in 2007 as the Company continued to experience strong worldwide demand for its products and services. Operating income increased to $34.7 million in the first quarter of 2008 from $32.7 million in the first quarter of 2007.
In addition, the Company announced that its backlog at March 31, 2008 was approximately $438 million, compared to its March 31, 2007 backlog of approximately $345 million. The Company expects its earnings per share for the quarter ending June 30, 2008 to approximate $0.60 to $0.70 per share, excluding any unusual or special charges.
The Company also announced that its Board of Directors has authorized a share repurchase program under which the Company can repurchase up to $100 million of its common stock. The repurchase program has no set expiration date. Repurchases under the program will be made through open market purchases, privately negotiated transactions or plans, instructions or contracts established under Rule 10b5-1 under the Securities Exchange Act of 1934. The manner, timing and amount of any purchase will be determined by management based on an evaluation of market conditions, stock price and other factors. The program does not obligate the Company to acquire any particular amount of common stock, and may be modified or suspended at any time at the Company's discretion. Any repurchased shares are expected to be cancelled.
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