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Dril-Quip, Inc. Announces Results For Second Quarter 2014

HOUSTON, July 30, 2014 /PRNewswire/ -- Dril-Quip, Inc. (NYSE: DRQ) 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 leading manufacturer of highly engineered offshore drilling and production equipment which is well suited for use in deepwater, harsh environment and severe service applications.

Statements contained herein relating to future operations and financial results that are forward-looking statements are based upon certain assumptions and analyses made by the management of the Company in light of its experience and perception of historical trends, current conditions, expected future developments and other factors. These statements are subject to risks beyond the Company's control, including, but not limited to, the volatility of oil and natural gas prices and cyclicality of the oil and gas industry, uncertainties regarding the effects of new governmental regulations, the Company's international operations, operating risks, and other factors detailed in the Company's public filings with the Securities and Exchange Commission.  Investors are cautioned that any such statements are not guarantees of future performance and actual outcomes may vary materially from those indicated.


Dril-Quip, Inc.

Comparative Condensed Consolidated Statements of Income

(In thousands, except per share amounts)

(Unaudited)



Three months ended
June 30,


Six months ended
June 30,


2014


2013


2014


2013

Revenues

$    230,315


$    222,031


$    434,388


$    415,186

Cost and expenses:








Cost of sales

124,993


133,203


235,780


249,531

Selling, general and administrative

25,520


23,273


49,455


38,902

Engineering and product development :

10,848


9,340


21,632


18,361


161,361


165,816


306,867


306,794

Operating income

68,954


56,215


127,521


108,392

Interest income

266


167


349


283

Interest expense

(5)


(6)


(12)


(20 )

Income before income taxes

69,215


56,376


127,858


108,655

Income tax provision

17,891


13,449


33,916


25,886

Net income

$     51,324


$     42,927


$     93,942


$     82,769

Diluted earnings per share

$         1.27


$         1.05


$         2.31


$         2.03

Weighted average shares–diluted

40,562


40,821


40,723


40,767

Depreciation and amortization

$       7,446


$       7,352


$     15,126


$     14,353

Capital expenditures

$       9,998


$     11,031


$     23,218


$     23,101

 

SOURCE Dril-Quip, Inc.

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