Dril-Quip ends 2013 with $170M profit

The fourth quarter 2013 results were unfavorably impacted by an after-tax foreign exchange loss of $2.3 million, or $0.06 per diluted share, as compared to an after-tax foreign exchange loss of$0.7 million, or $0.02 per diluted share, during the fourth quarter of 2012. Total revenues were $232.5 million during the quarter ended December 31, 2013 compared to $188.5 million for the same period in 2012, an increase of $44.0 million or approximately 23%. The increase in revenues resulted from increased product revenues of $40.5 million and increased service revenues of $3.5 million.

For the year ended December 31, 2013, net income was $169.8 million, or $4.16 per diluted share, compared with net income of $119.2 million, or $2.94 per diluted share, for 2012. The results for the twelve months ended December 31, 2013 were negatively impacted by an after-tax foreign exchange loss of $4.6 million, or $0.11 per diluted share, as compared to an after-tax foreign exchange loss of $3.8 million, or $0.09 per diluted share, during the year ended December 31, 2012. Total revenues for the year ended December 31, 2013 were $872.4 million, compared to $733.0 million for the same period in 2012, an increase of approximately 19%.

In addition, the Company announced that its backlog at December 31, 2013 was approximately $1.2 billion, compared to its December 31, 2012 backlog of approximately $881 million. Based upon current market conditions and excluding any unusual or special charges, the Company expects its earnings per diluted share for 2014 to approximate $5.00 to $5.20and its 2014 first quarter earnings per diluted share to approximate $1.10 to $1.20.

Dril-Quip is a manufacturer of highly engineered offshore drilling and production equipment, which is well suited for use in deepwater, harsh environment and severe service applications.