Dril-Quip, Inc. announced net income of $31.0 million, or $0.76 per diluted share, for the three months ended December 31, 2012, versus net income of $28.1 million, or $0.70 per diluted share, for the fourth quarter of 2011.
Total revenues were $188.5 million during the quarter ended December 31, 2012 compared to $171.6 million for the same period in 2011, an increase of $16.9 million or approximately 10%. The increase in revenues resulted from increased product revenues of $11.7 million and increased service revenues of $5.2 million.
For the year ended December 31, 2012, net income was $119.2 million, or $2.94 per diluted share, compared with net income of $95.3 million, or $2.36 per diluted share, for 2011. Total revenues for the year ended December 31, 2012 were $733.0 million, compared to $601.3 million for the same period in 2011, an increase of approximately 22%.
In addition, the Company announced that its backlog at December 31, 2012 was approximately $881 million, compared to its December 31, 2011 backlog of approximately $716 million. Included in the Company’s December 31, 2012 backlog are $105 million of purchase orders related to its new four-year contract with Petrobras for the supply of subsea wellhead systems and associated tools to be used in the drilling of deepwater wells offshore Brazil. This contract was announced in August 2012.
Based upon current market conditions and excluding any unusual or special charges, the Company expects its earnings per diluted share for 2013 to approximate $3.40 to $3.60. For the first quarter of 2013, the Company expects its earnings to approximate $0.73 to $0.83 per diluted 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] Press Release, February 28, 2013