USA: Dril-Quip, Inc. 3Q 2010 Results Stronger Compared to 3Q 2009

Dril-Quip, Inc. today announced net income of $27.7 million, or $0.69 per diluted share for the three months ended September 30, 2010, versus net income of $25.1 million, or $0.63 per diluted share for the third quarter of 2009.

Total revenues were $140.1 million during the quarter ended September 30, 2010 compared to $138.2 million for the same period in 2009. The increase in revenues resulted from an increase in product revenues of $3.0 million offset by a decrease in service revenues of $1.1 million. Operating income was $37.7 million in the third quarter of 2010 compared to $34.4 million in the third quarter of 2009.

For the nine months ended September 30, 2010, net income was $81.4 million, or $2.03 per diluted share, compared with net income of $76.5 million, or $1.94 per diluted share, for the same period in 2009. Revenues for the nine months ended September 30, 2010 were $424.7 million, up from $398.9 million for the same period last year.

In addition, the Company announced that its backlog at September 30, 2010 was approximately $625 million, compared to approximately $538 million at June 30, 2010, $563 million at December 31, 2009 and $623 million at September 30, 2009. The Company expects its earnings per share for the quarter ending December 31, 2010 to approximate $0.64 to $0.74 per diluted share, excluding any unusual or special charges.

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

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Source: Dril-quip, November 4, 2010;