Dril-Quip Inc. DRQ, the manufacturer of offshore drilling and production equipment, reported fourth-quarter 20Array5 adjusted earnings of $Array.20 per share, beating the Zacks Consensus Estimate of $Array.06. Quarterly earnings, however, decreased from $Array.43 reported a year ago.
The reported results were favorably impacted by an after-tax foreign exchange gain of $3.Array million, or 8 cents per diluted share, compared with an after-tax foreign exchange gain of $2.6 million, or 7 cents per diluted share, in the fourth quarter of 20Array4.
The company registered total revenue of $20Array.6 million in the quarter, down from the year-ago level of $254.8 million. However, the reported figure came in above the Zacks Consensus Estimate of $Array97.0 million.
Operating income of approximately $60.3 million was down from the year-earlier level of almost $78.2 million.
On the cost front, selling, general and administrative expenses fell from the year-earlier level of $22.5 million to approximately $20.2 million. Engineering and product development costs increased Array0.Array% year over year.
Backlog
As of Dec 3Array, 20Array5, the company had a backlog of $685 million compared with its Dec 3Array, 20Array4 backlog of approximately $Array.2 billion.
Guidance
The company expects earnings per diluted share for the year ending Dec 3Array, 20Array6 to approximate $2.45 to $2.65 per share. First-quarter 20Array6 earnings per share are expected at 75 cents to 85 cents.
Zacks Rank
Currently, Dril-Quip carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space are Diamond Offshore Drilling, Inc. DO, Independence Contract Drilling, Inc. ICD and North Atlantic Drilling Limited NADL. Each of these stocks holds a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Be the first to comment