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Dril-Quip Reports Q2 Loss

Dril-Quip has reported net loss of $3 million, or $0.08 per diluted share, for the three months ended June 30, 2018, versus net income of $15 thousand for the second quarter of 2017.

Total revenues were $95 million during the quarter, down 26 percent compared to $128 million for the same period in 2017 and 4 percent sequentially.

The company’s backlog at June 30, 2018 was approximately $261 million.

Dril-Quip said it expects revenue will be between $80 million and $90 million per quarter as a result of book and ship orders moving into 2019.

The company reported cash on hand of $493.4 million as of June 30, 2018, and maintained clean balance sheet with no debt.

Subsea World News Staff

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