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Dec 31, 2020
Dril-Quip Q4 2020 Earnings Report
Reported operational and financial results.
Key Takeaways
Dril-Quip reported Q4 2020 revenue of $87.2 million and a net loss of $11.3 million, or $0.33 per share. The company generated adjusted EBITDA of $9.0 million, or 10.3% of revenue, and had a negative free cash flow of $18.5 million.
Delivered fourth quarter revenue of $87.2 million.
Recorded a net loss of $11.3 million, or $0.33 per share.
Generated adjusted EBITDA of $9.0 million, or 10.3% of revenue.
Free cash flow was negative $18.5 million.
Forward Guidance
Dril-Quip anticipates orders could continue to be lumpy and remain in a $40 to $60 million range per quarter for 2021; however as global economies begin to reopen, we expect to see some improvement in the back half of the year.
Positive Outlook
- Global economies begin to reopen
- Improvement in the back half of the year
- Driving annual productivity improvements through continued deployment of LEAN
- Estimate these to contribute $5 million to EBITDA in 2021 and $10 million annualized thereafter
- Building on our leaner cost structure, we are making progress in advancing various growth initiatives
Challenges Ahead
- Ongoing market uncertainty
- Improvement in demand and commodity prices are sustainable as we enter into a post COVID-19 world
- Orders could continue to be lumpy
- Orders remain in a $40 to $60 million range per quarter for 2021
Historical Earnings Impact
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Avg. Return Before/After Earnings
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