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Dril-Quip, Inc. Announces Third Quarter 2018 Results
Generated $93.3 million of revenue, above the high end of guidance range of $80 - $90 million
Reported a net loss of $10.4 million, or $0.28 loss per diluted share, including restructuring costs of $3.7 million
Incurred an adjusted net loss of $7.4 million excluding restructuring costs, or $0.20 loss per diluted share
Generated net cash provided by operating activities of $9.1 million
Reported cash on hand of $424.1 million as of September 30, 2018
Completed $100 million share repurchase program in October 2018
Maintained clean balance sheet with no debt as of September 30, 2018
Progressed Sea Lion Phase I to frame agreement
Achieved $13.5 million of targeted $40 - $50 million of annualized cost reductions
HOUSTON - October 25, 2018 / GlobeNewswire - Dril-Quip, Inc. (NYSE: DRQ) today reported operational and financial results for the third quarter of 2018.
Blake DeBerry, Dril-Quips President and Chief Executive Officer, commented, In the third quarter, Dril-Quip generated positive Adjusted EBITDA of $0.8 million. We continue to believe that we are operating at the bottom of the current cycle and that backlog will trend upward over the next 18 months. Our cash position remained strong at $424.1 million as of September 30, 2018, which, coupled with our debt-free balance sheet, positions us to continue executing our long-term strategy. We entered into a Front End Engineering and Design (FEED) contract and Frame Agreement with Premier Oil Exploration and Production Limited in relation to the subsea production systems for the Sea Lion Phase 1 Development located offshore the Falkland Islands. We are excited that Premier has chosen Dril-Quip to be their trusted provider of subsea equipment for Sea Lion and that Dril-Quips scope of work for the project is progressing according to plan. We will continue to support Premier as they work towards FID and sanctioning for this project. The current estimated value of the equipment portion of the scope of work is $207 million.
The following information was filed by Drilquip Inc (DRQ) on Thursday, October 25, 2018 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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