Dril-Quip reported revenue of $88.1 million, a decrease from the previous quarter. Net income was $15.2 million, or $0.45 earnings per share, an increase compared to the second quarter of 2022. The company closed on the sale of the Houston forge facility during the third quarter, driving a net gain on sale of $17.3 million.
Revenue was $88.1 million, down $5.8 million from the second quarter of 2022.
Net income was $15.2 million, or $0.45 earnings per share, an increase of $20.8 million compared to the second quarter of 2022.
Adjusted EBITDA was $7.0 million, or 8.0% of revenue, a decrease of $2.3 million from the second quarter of 2022.
Booked $75.0 million of gross new orders during the third quarter of 2022.
The company expects full year bookings to grow 15% to 20% compared to 2021. Incremental adjusted EBITDA margins are expected to be in the 30% - 40% range for the full year 2022. Free cash flow margin target is revised to be break-even for the full year 2022.
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