On the rise: Dril-Quip's profits
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Demand fuels Dril-Quip profits
Offshore drilling services contractor Dril-Quip reported a 40% increase in revenue in the first quarter on the back of strong worldwide demand for its products and services.
The Houston-based company said net income was $17.3 million or 87 cents a share in the first quarter, up from $4.3 million or 24 cents booked in the same period last year. Revenue amounted to $98.2 million, compared with the year-earlier level of $70 million.
The company expects second-quarter earnings of 80-90 cents a share, excluding charges.