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Drilquip Inc (DRQ) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Drilquip Inc

CIK: 1042893 Ticker: DRQ

Exhibit 99.1

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-Quip’s 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-Quip’s 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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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)
Asset Backed Loan (Abl) Credit Facility
Asset Backed Loan (Abl) Credit Facility (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Gain On Sale Of Assets
Gain On Sale Of Assets (Details)
Geographic Areas
Geographic Areas (Tables)
Geographic Areas - Narrative (Details)
Geographic Areas - Schedule Of Segment Reporting (Details)
Goodwill
Goodwill (Details)
Goodwill (Tables)
Impairments And Other Charges
Impairments And Other Charges (Details)
Income Tax
Income Tax (Details)
Intangible Assets
Intangible Assets (Details)
Intangible Assets (Tables)
Inventories, Net
Inventories, Net (Details)
Inventories, Net (Tables)
New Accounting Standards
New Accounting Standards (Details)
Organization And Principles Of Consolidation
Organization And Principles Of Consolidation (Details)
Revenue Recognition (Adoption Of Asc 606)
Revenue Recognition (Adoption Of Asc 606) (Tables)
Revenue Recognition (Adoption Of Asc 606) - Contract Asset And Liability (Details)
Revenue Recognition (Adoption Of Asc 606) - Contracts With Customers (Details)
Revenue Recognition (Adoption Of Asc 606) - Narrative (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Narrative (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 (Details)
Subsequent Events
Subsequent Events (Details)

Material Contracts, Statements, Certifications & more

Drilquip Inc provided additional information to their SEC Filing as exhibits

Ticker: DRQ
CIK: 1042893
Form Type: 10-Q Quarterly Report
Accession Number: 0001042893-18-000014
Submitted to the SEC: Thu Oct 25 2018 4:45:09 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Oil And Gas Field Machinery And Equipment

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