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Dril-Quip (DRQ) Beats on Q4 Earnings, Ups 2023 Capex Outlook
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Dril-Quip Inc. (DRQ - Free Report) reported fourth-quarter adjusted earnings of 6 cents per share, which beat the Zacks Consensus Estimate of a loss of 4 cents. The bottom line improved from the year-ago loss of 46 cents per share.
The company’s total quarterly revenues of $97 million increased from the year-ago quarter’s $78 million.
Strong quarterly earnings were supported by an increase in product bookings due to improving market conditions.
Dril-Quip reported product bookings of $93.8 million for the quarter. The company’s 2022 backlog increased 15% year over year as product bookings increased due to improving market conditions.
The company reported a fourth-quarter operating loss of $2.4 million, narrower than a loss of $71.7 million in the prior-year period.
Total Costs and Expenses
The cost of sales increased to $66.6 million for the reported quarter from $61.2 million in the year-ago period. However, engineering and product development costs contracted to $2.7 million in the quarter from the year-ago figure of $3.8 million. Selling, general and administrative costs declined to $26.9 million from $30.6 million a year ago.
Total costs and expenses for the quarter were $99.2 million compared with $149.6 million a year ago.
Free Cash Flow
In the fourth quarter, Dril-Quip generated a negative free cash flow of $22.8 million against a cash flow of $2.6 million a year ago.
Financials
Dril-Quip recorded $5.2 million in capital expenditure for the quarter versus the year-ago level of $2.1 million.
As of Dec 31, 2022, the company’s cash balance was $264.8 million. Its balance sheet is free of debt load, highlighting a sound financial position.
Guidance
For 2022, Dril-Quip expects product bookings to increase 10-20% year over year. The company revealed its capital expenditure guidance of $25-$30 million for the year, indicating an increase from the $18.9 million reported in 2022.
Zacks Rank & Key Picks
Dril-Quip currently carries a Zacks Rank #3 (Hold).
Antero Midstream Corporation (AM - Free Report) reported fourth-quarter 2022 adjusted earnings per share of 20 cents, beating the Zacks Consensus Estimate of 17 cents. The strong quarterly results were primarily driven by higher freshwater delivery volumes and increased average freshwater distribution fees.
For 2023, Antero Midstream expects a net income of $340-$380 million, indicating an increase from the $326.2 million reported in 2022.
Marathon Petroleum Corporation’s (MPC - Free Report) adjusted earnings per share of $6.65 comfortably beat the Zacks Consensus Estimate of $5.54. The bottom line was favorably impacted by the stronger-than-expected performance of its key Refining & Marketing segment.
In the fourth quarter, MPC repurchased $1.8 billion of shares and a further $700 million worth of shares from the start of this year till Jan 27. Marathon Petroleum, which gave an additional $5-billion share repurchase approval, currently has a remaining authorization of $7.6 billion.
PBF Energy Inc.’s (PBF - Free Report) fourth-quarter 2022 earnings of $4.41 per share missed the Zacks Consensus Estimate of earnings of $4.95. Quarterly earnings were primarily driven by lower contributions from the Logistics segment, and higher costs and expenses.
For 2023, PBF Energy’s total refining system throughput is expected to be 935,000-995,000 barrels per day. For the first quarter, the company anticipates throughput volumes of 845,000-905,000 barrels per day.
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Dril-Quip (DRQ) Beats on Q4 Earnings, Ups 2023 Capex Outlook
Dril-Quip Inc. (DRQ - Free Report) reported fourth-quarter adjusted earnings of 6 cents per share, which beat the Zacks Consensus Estimate of a loss of 4 cents. The bottom line improved from the year-ago loss of 46 cents per share.
The company’s total quarterly revenues of $97 million increased from the year-ago quarter’s $78 million.
Strong quarterly earnings were supported by an increase in product bookings due to improving market conditions.
Dril-Quip, Inc. Price, Consensus and EPS Surprise
Dril-Quip, Inc. price-consensus-eps-surprise-chart | Dril-Quip, Inc. Quote
Q4 Performance
Dril-Quip reported product bookings of $93.8 million for the quarter. The company’s 2022 backlog increased 15% year over year as product bookings increased due to improving market conditions.
The company reported a fourth-quarter operating loss of $2.4 million, narrower than a loss of $71.7 million in the prior-year period.
Total Costs and Expenses
The cost of sales increased to $66.6 million for the reported quarter from $61.2 million in the year-ago period. However, engineering and product development costs contracted to $2.7 million in the quarter from the year-ago figure of $3.8 million. Selling, general and administrative costs declined to $26.9 million from $30.6 million a year ago.
Total costs and expenses for the quarter were $99.2 million compared with $149.6 million a year ago.
Free Cash Flow
In the fourth quarter, Dril-Quip generated a negative free cash flow of $22.8 million against a cash flow of $2.6 million a year ago.
Financials
Dril-Quip recorded $5.2 million in capital expenditure for the quarter versus the year-ago level of $2.1 million.
As of Dec 31, 2022, the company’s cash balance was $264.8 million. Its balance sheet is free of debt load, highlighting a sound financial position.
Guidance
For 2022, Dril-Quip expects product bookings to increase 10-20% year over year. The company revealed its capital expenditure guidance of $25-$30 million for the year, indicating an increase from the $18.9 million reported in 2022.
Zacks Rank & Key Picks
Dril-Quip currently carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at the following companies that presently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Antero Midstream Corporation (AM - Free Report) reported fourth-quarter 2022 adjusted earnings per share of 20 cents, beating the Zacks Consensus Estimate of 17 cents. The strong quarterly results were primarily driven by higher freshwater delivery volumes and increased average freshwater distribution fees.
For 2023, Antero Midstream expects a net income of $340-$380 million, indicating an increase from the $326.2 million reported in 2022.
Marathon Petroleum Corporation’s (MPC - Free Report) adjusted earnings per share of $6.65 comfortably beat the Zacks Consensus Estimate of $5.54. The bottom line was favorably impacted by the stronger-than-expected performance of its key Refining & Marketing segment.
In the fourth quarter, MPC repurchased $1.8 billion of shares and a further $700 million worth of shares from the start of this year till Jan 27. Marathon Petroleum, which gave an additional $5-billion share repurchase approval, currently has a remaining authorization of $7.6 billion.
PBF Energy Inc.’s (PBF - Free Report) fourth-quarter 2022 earnings of $4.41 per share missed the Zacks Consensus Estimate of earnings of $4.95. Quarterly earnings were primarily driven by lower contributions from the Logistics segment, and higher costs and expenses.
For 2023, PBF Energy’s total refining system throughput is expected to be 935,000-995,000 barrels per day. For the first quarter, the company anticipates throughput volumes of 845,000-905,000 barrels per day.