Friday May 9, 12:52 PM
Dril-Quip 1Q EPS 62 cents; revenue up 12.5% to $132.4 million
NEW YORK (Thomson Financial) - Dril-Quip Inc. Friday said first-quarter net income was $25.4 million, or 62 cents a share, missing the mean estimate of analysts polled by Thomson Reuters (TRI.TO - news) of 69 cents a share.
Revenue for the Houston-based offshore drilling equipment company rose 12.5% to $132.4 million, below the $136.1 million analyst estimate.
In the year-ago period, the company posted net income of $24.1 million, or 59 cents a share, on revenue of $117.7 million.
Dril-Quip also said its board approved a $100 million stock buyback program with no expiration date. Any repurchased shares are expected to be cancelled, the company said.
Shares of Dril-Quip closed Thursday at $60.92. The stock is up about 29% over the past 52 weeks.
Ryan Vlastelica
rv/pc
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