Dril-Quip Reports Third Quarter 2009 Financial Results

Dril-Quip has 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.
 

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 : $55.45/BBL 0.99%
Light Crude Oil : $52.37/BBL 1.20%
Natural Gas : $3.42/MMBtu 0.88%
Updated in last 24 hours