Dril-Quip shares fall after disappointing results
NEWS: Dril-Quip Inc. said its third-quarter net income rose almost 35 percent, but the results missed analyst expectations, its fourth-quarter outlook was lower than Wall Street expected, and its stock fell.
DETAILS: Dril-Quip, which makes offshore drilling and production equipment, said its backlog rose to $1.15 billion, from $747 million a year earlier.
NUMBERS: Net income was $40 million, or 98 cents per share, for the quarter that ended Sept. 30, up from $29.7 million, or 73 cents per share, during the same period last year. The most recent quarter included foreign exchange losses of 14 cents per share.
Revenue rose 17.7 percent to $224.7 million, from $190.9 million a year earlier. Analysts surveyed by FactSet had expected a profit of $1.05 per share on revenue of $227.1 million.
FUTURE: The company predicted fourth-quarter net income of $1.04 to $1.14 per share, and full-year 2013 earnings of $4.10 to $4.20 per share, not counting unusual items. Its previous guidance was $3.85 to $4.05 per share for the year. Analysts had been expecting $4.05 for the year and $1.21 for the fourth quarter.
STOCK: Down $7.24, or 6.2 percent, to $110.18 in morning trading. The shares are still near the high end of their 52-week range of $65.16 to $121.07.