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Jun 30, 2022
Dril-Quip Q2 2022 Earnings Report
Reported an increase in revenue driven by higher subsea equipment and downhole products and services revenue, but experienced a net loss.
Key Takeaways
Dril-Quip reported second quarter revenue of $94.0 million, a net loss of $5.6 million, and adjusted EBITDA of $9.3 million. The company booked $49.6 million in new orders and repurchased $3.8 million of shares. They also announced a Scope 1 and 2 GHG emissions reduction target of 50% by 2030.
Revenue increased to $94.0 million, driven by higher subsea equipment and downhole products and services revenue.
Net loss was $5.6 million, or $0.16 loss per share.
Adjusted EBITDA was $9.3 million, or 9.9% of revenue.
Booked $49.6 million of new orders during the second quarter of 2022, net of $7.1 million of cancellations and adjustments.
Revenue by Segment
Forward Guidance
Dril-Quip is focused on year-over-year improvements in bookings, revenue and profitability and are aligning activities and structure accordingly.
Positive Outlook
- Believe previously set financial targets remain achievable.
- Focused on year-over-year improvements in bookings.
- Focused on year-over-year improvements in revenue.
- Focused on year-over-year improvements in profitability.
- Continuous improvement initiatives, clear strategic vision and strong balance sheet will lead to a stronger, nimbler Dril-Quip
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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