Dril-Quip: 2Q Earnings Snapshot
HOUSTON (AP) _ Dril-Quip Inc. (DRQ) on Thursday reported second-quarter net income of $1.7 million, after reporting a loss in the same period a year earlier.
The Houston-based company said it had net income of 5 cents per share. Earnings, adjusted for non-recurring gains, came to 3 cents per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 1 cent per share.
The maker of offshore drilling and production equipment posted revenue of $103.8 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $98 million.
Dril-Quip shares have increased 57% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $47.20, a drop of 16% in the last 12 months.