Dril-Quip: 4Q Earnings Snapshot
HOUSTON (AP) _ Dril-Quip Inc. (DRQ) on Thursday reported a fourth-quarter loss of $11.3 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Houston-based company said it had a loss of 33 cents. Losses, adjusted for non-recurring costs, came to 12 cents per share.
The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 1 cent per share.
The maker of offshore drilling and production equipment posted revenue of $87.2 million in the period, also missing Street forecasts. Four analysts surveyed by Zacks expected $88.8 million.
For the year, the company reported a loss of $30.8 million, or 87 cents per share, swinging to a loss in the period. Revenue was reported as $365 million.
Dril-Quip shares have increased 25% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $37.05, a rise of slightly more than 3% in the last 12 months.