Dril-Quip reported revenue of $91.3 million and net income of $14.3 million, or $0.41 per share, for the third quarter of 2020. The company increased adjusted EBITDA to $10.2 million and generated positive free cash flow.
Revenue reached $91.3 million, driven by increased product volumes in Asia Pacific and the U.S.
Net income was $14.3 million, or $0.41 per share, primarily due to federal income tax benefits.
Adjusted EBITDA increased to $10.2 million, representing 11.1% of revenue, from improved product margins and lower costs.
Net cash from operating activities was $13.9 million, increasing the cash position by $13.4 million to $359.2 million with no debt.
The company expects challenges to persist into 2021 due to the global economy and commodity price instability, but remains in a strong financial position to capitalize on opportunities and explore strategic initiatives.
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