Dril-Quip Inc. Announces 31% Drop In Q1 Profit

(RTTNews) - Dril-Quip Inc. (DRQ) revealed a profit for first quarter that retreated compared to the same period last year.

The company said its earnings fell to $36.77 million, or $0.97 per share. This was down from $53.66 million, or $1.38 per share, in last year's first quarter.

Analysts had expected the company to earn $0.83 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 26.3% to $166.56 million. This was down from $226.00 million last year.

Dril-Quip Inc. earnings at a glance:

-Earnings (Q1): $36.77 Mln. vs. $53.66 Mln. last year. -Earnings Decline (Y-o-Y): -31.5% -EPS (Q1): $0.97 vs. $1.38 last year. -EPS Decline (Y-o-Y): -29.7% -Analysts Estimate: $0.83 -Revenue (Q1): $166.56 Mln vs. $226.00 Mln last year. -Revenue Change (Y-o-Y): -26.3%

-Guidance: Next quarter EPS guidance: $0.60 - $0.70 Full year EPS guidance: $2.45 - $2.65