Dril-Quip 3Q Net Up 10% Absent Prior-Year Charges; Revenue Up

Date : 11/04/2010 @ 8:58AM
Source : Dow Jones News
Stock : Dril-Quip, Inc. (DRQ)
Quote : 54.35  0.0 (0.00%) @ 2:05AM

Dril-Quip 3Q Net Up 10% Absent Prior-Year Charges; Revenue Up

Dril Quip (NYSE:DRQ)
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Dril-Quip Inc.'s (DRQ) third-quarter earnings rose 10% absent prior-year charges as the maker of offshore oil-and-gas drilling and production equipment reported stronger revenue and backlog.

The company, which has reported growth in recent quarters owing to stronger offshore-rig-equipment revenue, said its backlog as of Sept. 30 rose to $625 million from $563 million a year earlier and was up $87 million from the second quarter.

The results come as offshore drilling in the U.S. Gulf of Mexico was halted for months in the wake of the Deepwater Horizon explosion.

Dril-Quip reported a profit of $27.7 million, or 69 cents a share, up from $25.1 million, or 63 cents a share, a year earlier, which included $4.2 million in charges. Revenue increased to $140.1 million $138.2 million.

Analysts polled by Thomson Reuters most recently forecast earnings of 69 cents a share on revenue of $140.9 million.

Gross margin edged down to 43.3% from 43.4%.

For the fourth quarter, the company expects earnings of 64 cents to 74 cents a share. Analysts on average anticipated 70 cents.

Shares closed Wednesday at $69.84 and were inactive premarket. The stock is up 24% this year.

   -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com 

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