Dril-Quip Turns To Profit In Q4

Dril-Quip Inc. (DRQ) reported that its net income for the fourth quarter of 2019 was $7.40 million or $0.21 per share, compared to a loss of $1.31 million or $0.04 per share in the prior year.

Adjusted net income for the latest-quarter was $8.1 million or $0.23 per share, after excluding $0.02 per share related to restructuring charges, gains related to foreign currency, the sale of assets, and other items.

Revenue for the fourth quarter of 2019 was $108.45 million, compared to $108.23 million in the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.14 per share and revenues of $105.5 million for the quarter. Analysts' estimates typically exclude special items.

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