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Dec 31, 2023
Dril-Quip Q4 2023 Earnings Report
Reported strong Q4 results with double-digit growth in annual revenue and adjusted EBITDA, driven by subsea services rebound and Great North acquisition.
Key Takeaways
Dril-Quip reported a strong fourth quarter with a 31% year-over-year increase in revenue to $126.3 million and a net income of $1.8 million. The company's performance was driven by a rebound in Subsea Services activity and the first full quarter contribution from the Great North acquisition. Looking ahead, Dril-Quip provided a positive financial outlook for 2024, anticipating revenue growth of 15%-20%.
Revenue increased 31% year-over-year to $126.3 million.
Net Bookings increased $24.4 million year-over-year to $122.7 million.
Net Income increased $2.1 million year-over-year to $1.8 million.
Free cash flow increased $37.3 million year-over-year to $14.5 million.
Revenue by Segment
Forward Guidance
The company anticipates revenue growth of 15%-20% and adjusted EBITDA of $65 million to $75 million.
Positive Outlook
- Revenue growth of 15%-20%
- Adjusted EBITDA of $65 million to $75 million
- Subsea Product Bookings of $200 million to $225 million
- Strong balance sheet
- Financial flexibility to evaluate organic and inorganic growth opportunities
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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