Dril-Quip, Inc. (DRQ) Thursday reported a rise in profit for the fourth quarter, helped mainly by higher revenues. The company also provided a full-year earnings outlook which is currently below analysts' expectations.
Net income for the quarter increased to $30.95 million or $0.76 per share from $28.12 million or $0.70 per share in the same period last year.
On average, 13 analysts polled by Thomson Reuters expected the company to earn $0.74 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $188.48 million, up from $171.65 million last year. Analysts expected revenues of $189.14 million. Looking ahead to the first quarter, the company has forecast earnings in a range of $0.73 to $0.83 per share. Analysts expect the company to earn $0.80 per share for the first quarter.
For the fiscal year 2013, the company projects earnings in a range of $3.40 to $3.60 per share. Analysts expect full-year earnings of $3.71 per share.
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