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Jun 30, 2021
Dril-Quip Q2 2021 Earnings Report
Dril-Quip reported a net loss, but demonstrated progress in strategic growth and generated positive free cash flow.
Key Takeaways
Dril-Quip, Inc. reported second-quarter results with revenue of $80.8 million. The company reported a net loss of $19.1 million, or $0.54 per share, and an adjusted EBITDA of $2.6 million. They generated positive free cash flow of $8.2 million and booked $50.4 million in new product orders.
Generated revenue of $80.8 million for the second quarter of 2021.
Reported second quarter net loss of $19.1 million, or $0.54 per share, an improvement of $15.3 million, or $0.43 per share, from the first quarter of 2021.
Second quarter net cash provided by operating activities of $11.3 million and free cash flow of $8.2 million, or 10.2% of revenue.
Booked $50.4 million of new product orders during the second quarter of 2021.
Revenue by Segment
Forward Guidance
Dril-Quip is optimistic about the second half of 2021 leading into 2022, expecting increased offshore activity and potential benefits from their wellhead supply collaboration.
Positive Outlook
- Seeing encouraging signs from customers formulating 2022 capital budgets.
- Expect additional resources to be allocated toward increased offshore activity.
- Anticipate wellhead supply collaboration could begin to yield benefits in late 2021 going into 2022.
- Prioritizing delivering customers technology that offers improved safety, reliability, and cost savings.
- Continue controlling costs through productivity improvements and managing working capital.
Challenges Ahead
- Concerns about the pace of global economic growth.
- Concerns about the corresponding recovery of oil and gas demand.
- Ongoing challenges related to the COVID-19 pandemic.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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