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Jun 30, 2020
Dril-Quip Q2 2020 Earnings Report
Operational and financial results reported for the second quarter of 2020.
Key Takeaways
Dril-Quip reported a revenue of $90.4 million and a net loss of $14.1 million, or $0.40 per share for the second quarter of 2020. The company's cash position increased to $345.8 million, and it achieved $11.5 million in annualized cost savings.
Generated $90.4 million of revenue on lower product volumes and leasing revenues.
Reported second quarter net loss of $14.1 million, or $0.40 per share.
Recorded adjusted EBITDA of $6.0 million, or 6.7% of revenue.
Improved sequential net cash provided by operating activities by $24.3 million to $3.0 million increasing cash position to $345.8 million.
Revenue by Segment
Forward Guidance
Dril-Quip is well positioned with a strong balance sheet, backlog of customer projects and an action plan to proactively address the current environment. The company expects improved financial performance with an emphasis on cash flow generation in the second half of 2020.
Positive Outlook
- Strong balance sheet
- Backlog of customer projects
- Action plan to proactively address the current environment
- Efforts of dedicated employees
- Expected cash tax benefit as a result of the CARES Act
Challenges Ahead
- COVID-19 pandemic
- Market conditions
- Project terminations
- Suspensions or scope adjustments to contracts
- Uncertainties regarding the effects of new governmental regulations
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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