Dril quip12/28/2023 ![]() “We believe the foundation of the strong product-line focused teams that we began forming in early 2022 is bearing fruit by streamlining customer focus, eliminating excess costs and improving efficiency. We continue to expect revenue growth of 10% for the full year 2022 compared to 2021. Many of these projects are targeting second half decisions and are reflected in our outlook for full year bookings. Bookings for our Subsea Products slowed from the prior quarter as operators continue to evaluate projects in an uncertain demand environment with historically high inflation. Subsea Services also benefited from strong demand on rework and recertification as rigs start to come back online. Downhole Tools led this with a record quarter and broad growth across all geographies. Second quarter revenue was up approximately 13% sequentially reflecting strength in our shorter cycle businesses as quick return projects are completed, customers utilize existing inventory, and we start to see rigs come back online. ![]() Jeff Bird, Dril-Quip’s President and Chief Executive Officer, commented, “Our second quarter results reflect the improving offshore drilling market as well as our commitment to controlling costs and improving margins. Announced Scope 1 and Scope 2 GHG emissions reduction target of 50% by the year 2030.Year-to-date repurchases through the third quarter of 2022 total approximately $21 million and Repurchased $3.8 million of shares at an average price of $24.49 during the second quarter of 2022.Booked $49.6 million of new orders during the second quarter of 2022 net of $7.1 million of cancellations and adjustments.Second quarter net cash used by operating activities of $9.3 million and free cash flow of negative $10.6 million, inclusive of $1.4 million of capital expenditures.Generated adjusted EBITDA of $9.3 million, or 9.9% of revenue an increase of $6.2 million from the first quarter of 2022.A net loss of $5.6 million, or a $0.16 loss per share, an improvement of $3.4 million, or $0.10 per share compared to the first quarter of 2022, due to improved gross profit and foreign exchange benefits partially offset by higher restructuring charges.Revenue of $94.0 million for the second quarter of 2022, an increase of $10.8 million from the first quarter of 2022 driven by higher subsea equipment and downhole products and services revenue.Results for the second quarter of 2022 included: (NYSE: DRQ), (the “Company” or “Dril-Quip”) today reported operational and financial results for the second quarter of 2022. ![]() The Company also provides technical advisory assistance during the installation of its products.HOUSTON, J(GLOBE NEWSWIRE) - Dril-Quip, Inc. Its Well Construction business provides products and services utilized in the construction of the wellbore such as completions, casing hardware and liner hanger systems. Its Subsea Services segment delivers a variety of technical services including subsea rental services, subsea rework services and subsea services shared support. ![]() Its Subsea Products segment designs manufactures and sells a variety of products including subsea wellheads, connectors and surface equipment, and subsea production systems. Its products include subsea and surface wellheads, subsea and surface producti on trees, midline hanger systems, specialty connectors and associated pipe, drilling and production riser systems, liner hangers, wellhead connectors, diverters and more. designs, manufactures, sells and services engineered drilling and production equipment for both offshore and onshore applications. ![]()
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