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Jun 30, 2023
Dril-Quip Q2 2023 Earnings Report
Dril-Quip's Q2 2023 results reflected strong operational performance and strategic acquisition.
Key Takeaways
Dril-Quip reported revenue of $89.6 million, a slight decrease year-over-year, but net income increased significantly to $3.5 million. The company's bookings increased 47% year-over-year, and they announced the acquisition of Great North to expand their Well Construction portfolio.
Revenue decreased 5% year-over-year to $89.6 million.
Net Bookings increased 47% year-over-year to $72.7 million, with a book-to-bill ratio of 1.2x.
Net Income increased $9.1 million year-over-year to $3.5 million.
Gross Margin increased 79 basis points year-over-year to 26.7%.
Revenue by Segment
Forward Guidance
Dril-Quip is raising its full year 2023 revenue target to 20% growth over 2022, indicating second half 2023 revenue in the range of $240 million to $250 million. Second half 2023 adjusted EBITDA margins are expected to be 14% - 16%. Capital expenditures are projected to be $30 million for the full year 2023.
Positive Outlook
- Raising full year 2023 revenue target to 20% growth over 2022.
- Second half 2023 revenue in the range of $240 million to $250 million.
- Bookings year-over-year growth of 10% to 20%.
- Second half 2023 adjusted EBITDA margins of 14% - 16%.
- Capital expenditures of $30 million for the full year 2023.
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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