Dril-Quip Reports Steady 3Q Results, Grows Backlog
Dril-Quip has announced net income of $27.4 million, or $0.69 per diluted share for the three months ended September 30, 2008, versus net income of $27.6 million, or $0.67 per diluted share for the third quarter of 2007.
Total revenues were $132.3 million during the quarter ended September 30, 2008 compared to $130.4 million for the same period in 2007. Operating results for the third quarter of 2008 were impacted as a result of Hurricane Ike which caused temporary disruptions in both manufacturing operations and shipments from our Houston- area facilities.
For the nine months ended September 30, 2008, net income was $80.5 million, or $1.98 per diluted share, compared with net income of $75.8 million, or $1.85 per diluted share, for the same period in 2007. Revenues for the nine months ended September 30, 2008 were $407.2 million, up approximately 12.2% when compared to revenues of $362.8 million for the same period last year.
In addition, the Company announced that its backlog at September 30, 2008 was approximately $528 million, compared to its September 30, 2007 backlog of approximately $457 million. The Company expects its earnings per share for the quarter ending December 31, 2008 to approximate $0.64 to $0.74 per diluted share, excluding any unusual or special charges.
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