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Drilquip Inc (DRQ) SEC Filing 10-Q Quarterly Report for the period ending Friday, September 30, 2022

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Drilquip Inc

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CIK: 1624658 Ticker: DRQ

 

Exhibit 99.1

DRIL-QUIP, INC. ANNOUNCES THIRD QUARTER 2022 RESULTS

 

HOUSTON, October 27, 2022 — Dril-Quip, Inc. (NYSE: DRQ), (the “Company” or “Dril-Quip”) today reported operational and financial results for the third quarter of 2022.

Results for the third quarter of 2022 included:

 

•
Revenue of $88.1 million for the third quarter of 2022, a decrease of $5.8 million from the second quarter of 2022 driven by unfavorable foreign exchange rate impacts, supply chain delays in downhole tools and reduced leasing revenues in subsea service;
•
Net income of $15.2 million, or $0.45 earnings per share, an increase of $20.8 million, or $0.61 per share compared to the second quarter of 2022, due to the gain on sale of the Houston forge facility, lower income taxes, and lower restructuring costs in the period;
•
Generated adjusted EBITDA of $7.0 million, or 8.0% of revenue, a decrease of $2.3 million from the second quarter of 2022;
•
Cash and short-term investments ended the third quarter at $315.6 million. Third quarter net cash provided by operating activities of $1.0 million and free cash flow of negative $9.2 million, inclusive of $10.3 million of capital expenditures;
•
Closed on the sale of the Houston forge facility during the third quarter of 2022 driving a net gain on sale of $17.3 million;
•
Booked $75.0 million of gross new orders during the third quarter of 2022. Net of $13.3 million of cancellations and adjustments, bookings were $61.7 million;
•
Repurchased $11.1 million of shares at an average price of $24.35 during the third quarter of 2022. Year-to-date repurchases through the third quarter of 2022 total approximately $21 million; and
•
Received upgraded MSCI ESG rating of an “A” in the quarter.

 

Jeff Bird, Dril-Quip’s President and Chief Executive Officer, commented, “Gross bookings in the quarter were $75.0 million reflecting the ongoing upcycle in the offshore market, but we were negatively impacted by a large project cancellation in the period. The geographies of Brazil, Saudi Arabia and Norway are continued bright spots for the Company and we are focusing additional resources there to capitalize in 2023 and beyond. We experienced foreign exchange rate headwinds in the period which when coupled with supply chain delays in our downhole tool business, caused us to be slightly lower than our revenue expectations for the quarter.

 

1

 

The following information was filed by Drilquip Inc (DRQ) on Thursday, October 27, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Drilquip Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Condensed Consolidated Statements Of Income (Loss) (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited) (Parenthetical)
Asset Backed Loan (Abl) Credit Facility
Asset Backed Loan (Abl) Credit Facility (Details)
Assets Held For Sale
Assets Held For Sale (Details)
Contingencies
Geographic Areas
Geographic Areas (Tables)
Geographic Areas - Additional Information (Details)
Geographic Areas - Schedule Of Segment Reporting (Details)
Impairment, Restructuring And Other Charges
Impairment, Restructuring And Other Charges (Tables)
Impairment, Restructuring And Other Charges - Narrative (Details)
Impairment, Restructuring And Other Charges - Schedule Of Accrued Liabilities Related To Restructuring And Others Charges (Details)
Impairment, Restructuring And Other Charges - Schedule Of Impairment, Restructuring And Other Charges (Details)
Income Tax
Income Tax - Additional Information (Details)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Schedule Of Intangible Assets (Details)
Inventories, Net
Inventories, Net (Tables)
Inventories, Net - Schedule Of Inventories (Details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Contract Asset And Liability (Details)
Revenue Recognition - Narrative (Details)
Revenue Recognition - Narrative (Details1)
Revenue Recognition - Revenues From Contracts With Customers (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Additional Information (Details)
Significant Accounting Policies - Schedule Of Antidilutive Securities (Details)
Significant Accounting Policies - Schedule Of Earnings Per Share (Details)
Stock-Based Compensation And Stock Awards
Stock-Based Compensation And Stock Awards - Additional Information (Details)

Material Contracts, Statements, Certifications & more

Drilquip Inc provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: DRQ
CIK: 1042893
Form Type: 10-Q Quarterly Report
Accession Number: 0000950170-22-020319
Submitted to the SEC: Thu Oct 27 2022 4:06:28 PM EST
Accepted by the SEC: Thu Oct 27 2022
Period: Friday, September 30, 2022
Industry: Oil And Gas Field Machinery And Equipment

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