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Mar 31, 2023
Dril-Quip Q1 2023 Earnings Report
Revenue increased 9% year-over-year, driven by the ongoing upcycle in key offshore markets, and the company announced segment reporting changes and made progress along footprint optimization initiatives.
Key Takeaways
Dril-Quip, Inc. reported first quarter 2023 results with revenue of $90.9 million, a 9% increase year-over-year. Net income was $2.3 million, and adjusted EBITDA was $8.8 million. The company announced changes to its reporting segments and made progress on footprint optimization initiatives.
Revenue of $90.9 million increased 9% year-over-year.
Net Bookings of $53.5 million decreased 20% year-over-year.
Net Income of $2.3 million increased $11.2 million year-over-year.
Adjusted EBITDA of $8.8 million improved from $3.2 million one year ago.
Forward Guidance
The company provided the following financial outlook for 2023.
Positive Outlook
- Revenue growth of 10%
- Bookings year-over-year growth of 10% to 20%
- Adjusted EBITDA incremental margins of 40% to 60%
- Capital Expenditures of $25 million to $30 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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