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Dril-Quip reported that in the June quarter, it booked Subsea Products orders of $54.1 million, reflecting a sequential rise of 25%.
DRQ incurred a second-quarter operating loss of $4.7 million against the prior-year quarter’s profit of $3.6 million. However, the company experienced a gross margin of 30.8% in the June quarter of 2024, reflecting an increase from 26.7% in the prior-year quarter.
Total Costs and Expenses
The cost of sales increased to $83.2 million from $65.7 million in the year-ago period. Total costs and expenses were $125 million compared with $86 million registered in the corresponding period of 2023.
Free Cash Flow
In the second quarter, Dril-Quip generated a negative free cash flow of $15.5 million compared with the $1.1 million reported a year ago.
Financials
DRQ recorded $6.2 million in capital expenditure for the quarter.
As of Jun 30, 2024, the company’s cash balance was $189.2 million. Its balance sheet is free of debt load, highlighting a sound financial position.
Other leading energy companies that also reported second-quarter earnings are BP plc (BP - Free Report) , SLB (SLB - Free Report) and Exxon Mobil Corporation (XOM - Free Report) . BP and ExxonMobil are leading integrated energy companies, while SLB is among the largest oilfield service providers. All the companies beat the Zacks Consensus Estimate of earnings in the June quarter of this year.
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Dril-Quip's (DRQ) Q2 Earnings Rise on Well Construction
Dril-Quip Inc reported a second-quarter 2024 adjusted earnings of 10 cents per share against a year-ago quarter loss of 3 cents.
The company’s total quarterly revenues of $120.3 million increased from the year-ago quarter’s $89.6 million.
The strong quarterly results were owing to contributions from Subsea Products and Well Construction business activities.
Dril-Quip, Inc. Price, Consensus and EPS Surprise
Dril-Quip, Inc. price-consensus-eps-surprise-chart | Dril-Quip, Inc. Quote
Q2 Performance
Dril-Quip reported that in the June quarter, it booked Subsea Products orders of $54.1 million, reflecting a sequential rise of 25%.
DRQ incurred a second-quarter operating loss of $4.7 million against the prior-year quarter’s profit of $3.6 million. However, the company experienced a gross margin of 30.8% in the June quarter of 2024, reflecting an increase from 26.7% in the prior-year quarter.
Total Costs and Expenses
The cost of sales increased to $83.2 million from $65.7 million in the year-ago period. Total costs and expenses were $125 million compared with $86 million registered in the corresponding period of 2023.
Free Cash Flow
In the second quarter, Dril-Quip generated a negative free cash flow of $15.5 million compared with the $1.1 million reported a year ago.
Financials
DRQ recorded $6.2 million in capital expenditure for the quarter.
As of Jun 30, 2024, the company’s cash balance was $189.2 million. Its balance sheet is free of debt load, highlighting a sound financial position.
Zacks Rank & Peer Releases
Dril-Quip currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.
Other leading energy companies that also reported second-quarter earnings are BP plc (BP - Free Report) , SLB (SLB - Free Report) and Exxon Mobil Corporation (XOM - Free Report) . BP and ExxonMobil are leading integrated energy companies, while SLB is among the largest oilfield service providers. All the companies beat the Zacks Consensus Estimate of earnings in the June quarter of this year.