Cashed up: Dril-Quip
Triple treat for Dril-Quip
Burgeoning global demand has bolstered Dril-Quip's second quarter results, with the US outfit seeing its net income more than triple to $21.3 million, or $1.06 a share, from $6.7 million, or 37 cents a share, in the same period last year.
The Houston manufacturer of offshore drilling and production equipment said quarterly revenue rose 35% to $108.5 million from $80.6 million a year earlier.
Results for the latest quarter included an after-tax foreign currency gain of about $1.5 million, or 7 cents a share, primarily from the weakening of the US dollar versus the British pound combined with increased intercompany receivable balances due from its UK subsidiary.
Dril-Quip expects third-quarter per-share earnings between 95 cents and $1.10 a share, excluding any unusual or special charges, while the Street foresees 95 cents a share in earnings.