Welcome to our dedicated page for Dril-Quip news (Ticker: DRQ), a resource for investors and traders seeking the latest updates and insights on Dril-Quip stock.
Dril-Quip, Inc. (NYSE: DRQ) is a leading global provider of precision-engineered offshore drilling and production equipment, catering to the energy industry's deepwater, harsh environments, and severe service applications. The company specializes in designing and manufacturing subsea, surface, and offshore rig equipment for oil and gas companies operating in offshore regions worldwide.
Dril-Quip's product portfolio includes innovative technologies for both traditional oil and gas projects and energy transition applications. The company's revenue streams are diversified across three segments:
- Product Revenues: Sales of drilling and production equipment.
- Service Revenues: Technical advisory assistance, reconditioning services, and leasing of rental tools.
- Leasing Revenues: Rental tools used during installation and retrieval of Dril-Quip's products.
Organized into three geographic segments—the Western Hemisphere, Eastern Hemisphere (including Europe and Africa), and Asia-Pacific—Dril-Quip continues to expand its global footprint. Recent achievements include a 31% sequential increase in third-quarter revenue, driven by the acquisition of Great North and growth in markets such as Brazil, the Middle East, and West Africa. Additionally, the company reported a strong cash flow from operations and successfully integrated Great North’s business, contributing positively to Dril-Quip's overall performance.
Despite facing capacity constraints in the offshore rig market, Dril-Quip remains optimistic about the potential for growth in the early stages of a multi-year offshore upcycle. The company’s latest innovations include the successful installation of the XPAK-De Expandable Liner Hanger in the Santos Basin and selection as a supplier for Petrobras' pre-salt development wells. These advancements underscore Dril-Quip's commitment to technological excellence and operational efficiency.
With continued investment in research and development, Dril-Quip aims to deliver high-quality products that lower operating costs and reduce deepwater drilling risks. The company's robust financial condition, highlighted by a positive cash flow and a strong balance sheet, allows for strategic acquisitions and investments to support its long-term growth objectives.
Dril-Quip reported second-quarter 2021 results with revenue of $80.8 million, down from previous quarters, and a net loss of $19.1 million, though improved by $15.3 million sequentially. Adjusted EBITDA was $2.6 million, impacted by lease termination costs. The company generated $11.3 million in operating cash flow and $8.2 million in free cash flow. Notably, Dril-Quip booked $50.4 million in new orders and formed a strategic collaboration for subsea products, while also facing challenges from raw material price increases and the pandemic's impact on oil demand.
Dril-Quip, Inc. (NYSE: DRQ) will release its second quarter 2021 earnings on July 29, 2021, after market close. CEO Blake DeBerry and CFO Raj Kumar will discuss financial performance and business outlook in a fireside chat with Johnson Rice's Daniel Burke on July 30, 2021, at 11:00 AM ET. Stakeholders can listen via webcast or conference call. The earnings release and webcast access will be available on Dril-Quip's website. A replay of the webcast will be accessible for one year post-event.
Dril-Quip (NYSE: DRQ) announced the appointment of Darryl K. Willis to its Board of Directors, recommended by the Nominating and Governance Committee. Willis, aged 52, has extensive experience in the energy sector, currently serving as Corporate Vice President at Microsoft and previously holding key positions at Google Cloud and BP. CEO Blake DeBerry expressed optimism about Willis's unique insights on digital transformation and energy transition, anticipating a positive impact on the company's future growth.
Dril-Quip (NYSE: DRQ) reported Q1 2021 revenue of $81.2 million, a decrease from previous quarters, with a net loss of $34.4 million or $0.97 per share, largely due to $25 million in impairments and restructuring costs. Despite a 30.1% gross margin, challenges remain in product deliveries linked to the Texas winter storm. The company achieved $56.6 million in new orders, increasing backlog to $197 million. Free cash flow was $10.6 million, driven by improved cash collection and lean initiatives expected to yield $10 million in annual savings.
Dril-Quip, Inc. (NYSE: DRQ) will release its Q1 2021 earnings on April 29, 2021, after market close. CEO Blake DeBerry and CFO Raj Kumar will engage in a webcast with Luke Lemoine from Capital One Securities on April 30, 2021, at 11:00 a.m. ET to discuss the company's financial performance and operational outlook.
The earnings press release and webcast access will be available on the company's website, providing stakeholders with insights into Dril-Quip's operations in the drilling and production equipment sector.
On March 4, 2021, Dril-Quip (NYSE: DRQ) joined the ASME Foundation as a supporter of the INSPIRE STEM Readiness program, enhancing education for K-12 students in engineering. The program, now in over 3,400 schools nationwide, aims to inspire diverse students to pursue STEM careers. Dril-Quip's involvement will foster community engagement and support educational initiatives, reflecting its commitment to developing the next generation of engineers. Kathleen Lobb from ASME highlighted Dril-Quip's role in promoting engineering exploration among young people.
Dril-Quip (NYSE: DRQ) reported Q4 2020 revenue of $87.2 million and full-year revenue of $365.0 million amidst pandemic disruptions. The company incurred a net loss of $11.3 million for Q4 and $30.8 million for the year. Adjusted EBITDA was $9.0 million (10.3% of revenue) for Q4, down from $10.2 million in Q3. Free cash flow was negative $18.5 million for Q4. Cost-saving initiatives yielded $20 million in annualized savings, with an expected additional $10 million in 2021. Despite challenges, the company aims for future growth and improved cash flow as markets stabilize.
Dril-Quip, Inc. (NYSE: DRQ) announced it will release its fourth quarter and full year 2020 results on February 25, 2021, after the market closes. A conference call to discuss these results and the 2021 outlook is scheduled for February 26, 2021, at 9:00 a.m. CT (10:00 a.m. ET). Participants can join via phone or through a webcast on Dril-Quip's website. This event highlights the company's ongoing communication with investors and commitment to transparency.
Dril-Quip (NYSE: DRQ) reported third-quarter 2020 results with revenues of $91.3 million, a $0.8 million increase from Q2 but a decrease of $16.9 million from Q3 2019. Net income was $14.3 million or $0.41 per share, aided by federal tax benefits. Adjusted EBITDA rose to $10.2 million, improving by nearly 70% sequentially. The company generated $13.9 million in operating cash flow, while implementing cost-saving actions totaling $18.5 million year-to-date. However, future challenges loom due to ongoing oil and gas demand destruction amid the pandemic.
Dril-Quip (NYSE: DRQ) will release its third quarter 2020 earnings on October 29, 2020, after market close. Following this, a fireside chat with CEO Blake DeBerry and CFO Raj Kumar will take place on October 30, 2020, at 11:00 a.m. ET. The discussion will cover the company's financial performance and outlook. Stakeholders can access the webcast and conference call, with a replay available until November 13, 2020. Dril-Quip specializes in manufacturing drilling and production equipment for challenging environments.
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