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Dril-Quip (DRQ) Q4 Earnings and Revenues Miss Estimates
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Offshore drilling and production equipment manufacturer, Dril-Quip Inc. (DRQ - Free Report) reported fourth-quarter 2016 adjusted earnings of 23 cents per share that missed the Zacks Consensus Estimate of 27 cents. The quarterly earnings also decreased from $1.20 a year ago due to lower gross margin.
The company registered total revenue of $106.1 million in the quarter as against the year-ago level of $201.6 million. The reported figure also came in below the Zacks Consensus Estimate of $113.5 million.
The company’s operating loss of approximately $4.6 million compared unfavorably with an operating income of $60.3 million in the year-earlier quarter.
On the cost front, selling, general and administrative expenses rose from the year-earlier level of approximately $20.2 million to about $21.7 million. Engineering and product development costs were down 11.9% year over year. Dril-Quip’s total cost and expense during the quarter was $110.7 million compared with $141.3 million in the year-ago quarter.
Full-year 2016 earnings of $2.09 per share decreased from the year-ago profit level of $4.88 a share. Also, the reported figure came in below the Zacks Consensus Estimate of $2.13.
Total revenue in 2016 declined 36.2% year over year to approximately $538.7 million. Also, the reported figure lagged the Zacks Consensus Estimate of $547.4 million.
Backlog
As of Dec 31, 2016, the company had a backlog of $318 million compared with a backlog of approximately $685 million as of Dec 31, 2016.
Dril-Quip carries a Zacks Rank #2 (Buy). Some better-ranked players in the same space include Denbury Resources Inc. , Sunrun Inc. (RUN - Free Report) and Pioneer Natural Resources Company . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Denbury Resources posted a earnings surprise of 0.00% in the preceding quarter. It had an average positive earnings surprise of 212.50% in the four trailing quarters.
Sunrun posted a positive earnings surprise of 137.21% in the preceding quarter. It beat estimates in all the four trailing quarters with an average positive earnings surprise of 134.71%.
Pioneer Natural Resources posted a positive earnings surprise of 63.33% in the preceding quarter. It beat estimates in all the four trailing quarters with an average positive earnings surprise of 21.86%.
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Dril-Quip (DRQ) Q4 Earnings and Revenues Miss Estimates
Offshore drilling and production equipment manufacturer, Dril-Quip Inc. (DRQ - Free Report) reported fourth-quarter 2016 adjusted earnings of 23 cents per share that missed the Zacks Consensus Estimate of 27 cents. The quarterly earnings also decreased from $1.20 a year ago due to lower gross margin.
The company registered total revenue of $106.1 million in the quarter as against the year-ago level of $201.6 million. The reported figure also came in below the Zacks Consensus Estimate of $113.5 million.
The company’s operating loss of approximately $4.6 million compared unfavorably with an operating income of $60.3 million in the year-earlier quarter.
On the cost front, selling, general and administrative expenses rose from the year-earlier level of approximately $20.2 million to about $21.7 million. Engineering and product development costs were down 11.9% year over year. Dril-Quip’s total cost and expense during the quarter was $110.7 million compared with $141.3 million in the year-ago quarter.
Full-year 2016 earnings of $2.09 per share decreased from the year-ago profit level of $4.88 a share. Also, the reported figure came in below the Zacks Consensus Estimate of $2.13.
Total revenue in 2016 declined 36.2% year over year to approximately $538.7 million. Also, the reported figure lagged the Zacks Consensus Estimate of $547.4 million.
Backlog
As of Dec 31, 2016, the company had a backlog of $318 million compared with a backlog of approximately $685 million as of Dec 31, 2016.
Dril-Quip, Inc. Price, Consensus and EPS Surprise
Dril-Quip, Inc. Price, Consensus and EPS Surprise | Dril-Quip, Inc. Quote
Zacks Rank
Dril-Quip carries a Zacks Rank #2 (Buy). Some better-ranked players in the same space include Denbury Resources Inc. , Sunrun Inc. (RUN - Free Report) and Pioneer Natural Resources Company . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Denbury Resources posted a earnings surprise of 0.00% in the preceding quarter. It had an average positive earnings surprise of 212.50% in the four trailing quarters.
Sunrun posted a positive earnings surprise of 137.21% in the preceding quarter. It beat estimates in all the four trailing quarters with an average positive earnings surprise of 134.71%.
Pioneer Natural Resources posted a positive earnings surprise of 63.33% in the preceding quarter. It beat estimates in all the four trailing quarters with an average positive earnings surprise of 21.86%.
Zacks' Top Investment Ideas for Long-Term Profit
How would you like to see our best recommendations to help you find today’s most promising long-term stocks? Starting now, you can look inside our portfolios featuring stocks under $10, income stocks, value investments and more. These picks, which have double and triple-digit profit potential, are rarely available to the public. But you can see them now. Click here >>