Service & Supply | Quarterly / Earnings Reports | Oilfield Services | Third Quarter (3Q) Update
Dril-Quip Brings In $241.7 Million in Revenue for 3Q
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Dril-Quip, Inc. announced net income of $55.7 million, or $1.40 per diluted share, for the three months ended September 30, 2014, versus net income of $40.0 million, or $0.98 per diluted share, for the third quarter of 2013.
Total revenues were $241.7 million during the quarter ended September 30, 2014 compared to $224.7 million for the same period in 2013. The third quarter 2014 results were favorably impacted by an after-tax foreign exchange gain of $3.1 million, or $0.08 per diluted share, as compared to an after-tax foreign exchange loss of $5.8 million, or $0.14 per diluted share, during the third quarter of 2013.
For the nine months ended September 30, 2014, net income was $149.6 million, or $3.70 per diluted share, compared with net income of $122.8 million, or $3.01 per diluted share, for the same period in 2013. Total revenues rose to $676.1 million during the nine months ended September 30, 2014 from $639.9 million during the same period in 2013. The results for the first nine months of 2014 were favorably impacted by an after-tax foreign exchange gain of $800,000, or $0.02 per diluted share, as compared to an after-tax foreign exchange loss of $2.2 million, or $0.05 per diluted share during the first three quarters of 2013.
In addition, the Company announced that its backlog at September 30, 2014 was approximately $1.25 billion, compared to its September 30, 2013 backlog of approximately $1.15 billion and its June 30, 2014 backlog of $1.32 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 December 31, 2014 to approximate $1.25 to $1.35 per share. The Company also announced that it currently expects its full-year 2014 earnings per diluted share to be in the range of $4.95 to $5.05, excluding foreign currency gains/losses or any unusual items, up from previous guidance of $4.70 to $4.90 per diluted share.