Dril-Quip, Inc. (DRQ), a manufacturer of engineered offshore drilling and production equipment, Friday posted a higher net income for the first quarter, backed by higher revenues, and certain other gains. The company also reiterated full-year earnings guidance.
Net income for the quarter was $39.8 million, or $0.98 per share, compared with the prior year's $28.8 million, or $0.71 per share. The latest quarter's result was positively impacted by an after-tax foreign exchange gain of $4.1 million, compared with after-tax foreign exchange loss of $1.7 million during the same period last year.
On average, fourteen analysts polled by Thomson Reuters expected earnings per share of $0.80 for the quarter. Analysts' estimates typically exclude one-time items.
The firm generated total revenues of $193.2 million for the quarter, compared with $177.1 million for the same previous year. The Street expected the company to record revenues of $194.1 million.
Based on current market conditions and excluding any unusual or special, the Company expects second quarter earnings to be approximately $0.80 to $0.90 per share, and reiterated full year earnings to be in the range of $3.40 to $3.60 per share.
Analysts expects the firm to report earnings of $0.86 per share for the upcoming quarter, and $3.66 per share for the full year.
For comments and feedback: editorial@rttnews.com