Dril-Quip, Inc. announces results for Q2 2014

Dril-Quip, Inc. has announced a net income of US$ 51.3 million, or US$ 1.27 per diluted share for the three months ended June 30, 2014, versus net income of US$ 42.9 million, or US$ 1.05 per diluted share for the second quarter of 2013.  Total revenues were US$ 230.3 million during the quarter ended June 30, 2014 compared to US$ 222.0 million for the same period in 2013. The second quarter 2014 results were unfavorably impacted by an after-tax foreign exchange loss of US$ 1.5 million, or US$ 0.04 per diluted share, as compared to an after-tax foreign exchange loss of US$ 700 000, or US$ 0.02 per diluted share during the second quarter of 2013.

For the six months ended June 30, 2014, net income was US$ 93.9 million, or US$ 2.31 per diluted share compared with net income of US$ 82.8 million, or US$ 2.03 per diluted share for the same period in 2013. Total revenues rose to US$ 434.4 million during the six months ended June 30, 2014 from US$ 415.2 million during the same period in 2013. The results for the first six months of 2014 were also negatively impacted by an after-tax foreign exchange loss of US$ 2.2 million, or US$ 0.05 per diluted share, as compared to an after-tax foreign exchange gain of US$ 3.5 million, or US$ 0.09 per diluted share during the first half of 2013.

In addition, the Company announced that its backlog at June 30, 2014 was approximately US$ 1.32 billion, compared to its June 30, 2013 backlog of approximately US$ 1.14 billion and its March 31, 2014 backlog of approximately US$ 1.35 billion. Based upon current market conditions and excluding foreign currency gains/losses or any unusual items, the Company expects its earnings per diluted share for the quarter ending September 30, 2014 to approximate US$ 1.20 to US$ 1.30 per share. The Company also announced that it currently expects its full-year 2014 earnings per diluted share to be in the range of US$ 4.70 to US$ 4.90, excluding foreign currency gains/losses or any unusual items.

Adapted from a press release by David Bizley

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