Dril-Quip Highlights 2Q Financial Results

Dril-Quip announced net income of $28.0 million, or $0.70 per diluted share, for the three months ended June 30, 2010, versus net income of $26.7 million, or $0.68 per diluted share, for the second quarter of 2009. Total revenues were $142.0 million for the quarter ended June 30, 2010 compared to $133.2 million for the same period in 2009. The increase in revenues resulted from increases of $16.2 million in offshore rig equipment revenues offset by decreases of $4.5 million in revenues related to subsea equipment and $2.9 million in surface equipment revenues. Operating income was $39.3 million in the second quarter of 2010 compared to $36.3 million in the second quarter of 2009.

For the six months ended June 30, 2010, net income was $53.7 million, or $1.34 per diluted share, compared with net income of $51.4 million, or $1.31 per diluted share, for the same period in 2009. Revenues for the six months ended June 30, 2010 were $284.5 million compared to revenues of $260.7 million for the same period last year.

In addition, the Company announced that its backlog at June 30, 2010 was approximately $538 million, compared to its June 30, 2009 backlog of approximately $618 million. The Company previously announced on July 15, 2010 that it had been awarded a contract valued at approximately $100 million to supply drilling and production equipment for a tension leg wellhead platform to be installed in the Papa Terra field located in the Campos Basin offshore Brazil. The value of this contract will be included in Dril-Quip's backlog during the third quarter of 2010.

The Company expects its earnings per share for the quarter ending September 30, 2010 to approximate $0.65 to $0.75 per share, excluding any unusual or special charges. For a discussion of matters related to the Deepwater Horizon incident and the government-imposed moratorium on deepwater drilling activities in the U.S. Gulf of Mexico, refer to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2010.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Production Analyst
Expertise: Accounting|Financial Analyst
Location: Midland, TX
 
United States Denver: Proposals Specialist
Expertise: Business Development|Marketing|Sales
Location: Denver, CO
 
US Houston: Accounting Supervisor (Financial Forecasting)
Expertise: Accounting|Financial Analyst
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours