Dril-Quip 2Q net income rises to $51.3M

Dril-Quip, Inc. today announced net income of $51.3 million, or $1.27 per diluted share for the three months ended June 30, 2014, versus net income of $42.9 million, or $1.05 per diluted share for the second quarter of 2013.

Total revenues were $230.3 million during the quarter ended June 30, 2014 compared to $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 $1.5 million, or $0.04 per diluted share, as compared to an after-tax foreign exchange loss of $700,000, or $0.02 per diluted share during the second quarter of 2013.
For the six months ended June 30, 2014, net income was $93.9 million, or $2.31 per diluted share compared with net income of $82.8 million, or $2.03 per diluted share for the same period in 2013. Total revenues rose to $434.4 million during the six months ended June 30, 2014 from $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 $2.2 million, or $0.05 per diluted share, as compared to an after-tax foreign exchange gain of $3.5 million, or $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 $1.32 billion, compared to its June 30, 2013 backlog of approximately $1.14 billion and its March 31, 2014 backlog of approximately $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 $1.20 to $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 $4.70 to $4.90, excluding foreign currency gains/losses or any unusual items.

Dril-Quip is a manufacturer of offshore drilling and production equipment suited for use in deepwater, harsh environment and severe service applications.