Dril-Quip Stays Steady with 1st Quarter 2009 Results

Dril-Quip announced net income of $24.7 million, or $0.63 per diluted share for the three months ended March 31, 2009, versus net income of $25.4 million, or $0.62 per diluted share for the first quarter of 2008. Total revenues were $127.5 million during the quarter ended March 31, 2009 as compared to $132.4 million for the same period in 2008.

The reduction in total revenues resulted from a decrease of $12.0 million in revenues related to offshore rig and surface equipment offset by an increase in revenues from subsea equipment of $4.9 million and services of $2.2 million. Operating income totaled approximately $34.7 million in the first quarters of both 2009 and 2008. However, as a percentage of revenues, operating income increased to 27.2% in 2009 from 26.2% in 2008.

In addition, the Company announced that its backlog at March 31, 2009 was approximately $573 million, compared to its March 31, 2008 backlog of approximately $438 million. The Company expects its earnings per share for the quarter ending June 30, 2009 to approximate $0.58 to $0.68 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.