Dril-Quip has reported net loss of $10.4 million, or $0.28 loss per diluted share, including restructuring costs of $3.7 million.
During the corresponding period in 2017 the company reported net loss of $29.3 million, or $0.78 per diluted share.
Total revenues were $93.3 million during the quarter, compared to total revenues of $100 million during the Q3 2017.
The company’s backlog was $260.9 million and $249.0 million as of June 30, 2018 and September 30, 2018, respectively.
Blake DeBerry , Dril-Quip’s president and chief executive officer, said, “Looking to the fourth quarter of 2018, our expectation is that the company’s revenue will be between $80 million and $90 million, which is consistent with our prior guidance at the end of the second quarter.”
Dril-Quip’s cash on hand as of September 30, 2018 was $424.1 million, which together with the asset-based lending (ABL) facility that the company executed on February 23, 2018, resulted in approximately $480 million of available liquidity.