Dril-Quip, Inc. announced net income of $29.7 million, or $0.73 per diluted share for the three months ended September 30, 2012, versus net income of $23.3 million, or $0.58 per diluted share for the third quarter of 2011.
Total revenues were $190.9 million during the quarter ended September 30, 2012 compared to $155.0 million for the same period in 2011, an increase of $35.9 million or approximately 23%. The increase in revenues resulted from increased product revenues of $25.3 million and increased service revenues of $10.6 million.
For the nine months ended September 30, 2012, net income was $88.3 million, or $2.18 per diluted share, compared with net income of $67.1 million, or $1.67 per diluted share, for the same period in 2011. Total revenues rose to $544.6 million during the nine months ended September 30, 2012 from $429.7 million during the same period in 2011, an increase of approximately 27%.
Based upon current market conditions and excluding any unusual or special charges, the Company expects its earnings per diluted share for the quarter ending December 31, 2012 to approximate $0.65 to $0.75 per share. The Company expects its full-year 2012 earnings per diluted share to be in the range of $2.83 to $2.93, excluding any unusual or special charges.
In addition, the Company announced that its backlog at September 30, 2012 was approximately $747 million, compared to its September 30, 2011 backlog of approximately $730 million. The Company’s September 30, 2012 backlog includes no orders related to its new four-year contract with Petrobras that was announced in August 2012. Subsequent to September 30, 2012, purchase orders totaling approximately $60 million have been received under this contract. This amount, and any additional orders received under the Petrobras contract prior to December 31, 2012, will be included in the Company’s year-end backlog.
[mappress] Press Release , November 12, 2012