Dril-Quip, Inc. today announced net income of $22.2 million, or $0.55 per diluted share, for the three months ended June 30, 2011, versus net income of $28.0 million, or $0.70 per diluted share, for the second quarter of 2010.
Total revenues were $137.0 million for the quarter ended June 30, 2011 compared to $142.0 million for the same period in 2010. The decrease in revenues resulted from decreased sales of $26.1 million in offshore rig equipment and $1.9 million in surface equipment offset by a $20.3 million increase in subsea equipment sales and an increase of $2.7 million in service revenues.
For the six months ended June 30, 2011, net income was $43.9 million, or $1.09 per diluted share, compared with net income of $53.7 million, or $1.34 per diluted share, for the same period in 2010. Total revenues fell to $274.7 million during the six months ended June 30, 2011 from $284.5 million during the same period in 2010, primarily as a result of the 2010 drilling moratorium in the U.S. Gulf of Mexico and related permitting delays.
In addition, the Company announced that its backlog at June 30, 2011 was approximately $727 million, compared to its June 30, 2010 backlog of approximately $538 million. However, start-up delays are affecting progress on certain long-term projects which are included in the Company’s backlog. The Company expects its earnings per share for the quarter ending September 30, 2011 to approximate $0.50 to $0.60 per share, excluding any unusual or special charges.
Dril-Quip is a leading manufacturer of highly engineered offshore drilling and production equipment which is well suited for use in deepwater, harsh environment and severe service applications.
[mappress] Source: Dril-Quip, August 05, 2011;