Dril-Quip Reports 4Q06 & Full Year Results
Dril-Quip, Inc. (NYSE: DRQ) announced net income of $24.9 million, or $0.61 per diluted share for the three months ended December 31, 2006, versus net income of $11.7 million, or $0.32 per diluted share for the fourth quarter of 2005. Total revenues increased approximately 25% to $118.3 million for the quarter ended December 31, 2006 from $94.9 million for the same period in 2005 as the Company continued to experience strong worldwide demand for its products and services. Operating income increased to $33.8 million in the fourth quarter of 2006 from $17.8 million in the fourth quarter of 2005. As a percentage of revenues, operating income increased to approximately 29% in 2006 from approximately 19% in 2005.
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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