Dril-Quip reported Q3 2021 results with increased revenue to $83.0 million driven by higher aftermarket activity in the Western Hemisphere. The company recorded a net loss of $11.1 million, or $0.31 per share, and an adjusted EBITDA of $4.0 million, or 4.8% of revenue. They generated net cash from operating activities of $9.3 million and free cash flow of $7.0 million, representing 8.5% of revenue.
Revenue increased to $83.0 million due to higher aftermarket activity in the Western Hemisphere.
Net loss was $11.1 million, or $0.31 per share, improving from the previous quarter.
Adjusted EBITDA was $4.0 million, or 4.8% of revenue, driven by improved aftermarket and downhole tools activity.
Net cash from operating activities was $9.3 million, and free cash flow was $7.0 million, or 8.5% of revenue.
Dril-Quip anticipates Q4 bookings to be at the high end of their $40 to $60 million range and they expect that the larger integrated oil companies will begin to look at placing new orders in the back half of 2022 should commodity prices continue to remain at or near current levels.
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