Dril-Quip, Inc. announced net income of $28.8 million, or $0.71 per diluted share for the three months ended March 31, 2012, versus net income of $21.7 million, or $0.54 per diluted share for the first quarter of 2011.
Total revenues were $177.1 million during the quarter ended March 31, 2012 compared to $137.7 million for the same period in 2011, an increase of $39.4 million or approximately 29%. The increase in revenues resulted from increased product revenues of $29.5 million and increased service revenues of $9.9 million.
In addition, the Company announced that its backlog at March 31, 2012 was approximately $701 million, compared to its March 31, 2011 backlog of approximately $655 million and its December 31, 2011 backlog of approximately $716 million. Based on current market conditions and excluding any unusual or special charges, the Company expects its earnings per diluted share for the quarter ending June 30, 2012 to approximate $0.62 to $0.72. The Company also announced that its full-year 2012 earnings are anticipated to be in the range of $2.60 to $2.80, 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] Subsea World News Staff , May 07, 2012; Image: Dril-Quip