Dril-Quip Q4 Profit Rises; Announces $100 Mln Stock Buyback - Quick Facts

(RTTNews) - Dril-Quip, Inc. (DRQ) posted fourth-quarter net income of $59.1 million, or $1.50 per share, up from $47.1 million, or $1.15 per share, in the comparable quarter last year.

The fourth quarter 2014 results were favorably impacted by an after-tax foreign exchange gain of $2.6 million, or $0.07 per share, as compared to an after-tax foreign exchange loss of $2.3 million, or $0.06 per share, during the fourth quarter of 2013.

On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $1.34 for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the latest fourth quarter were $254.82 million, compared with $232.46 million in the prior year period, ten analysts expected revenue of $248.10 million for the quarter.

The company also announced that its Board of Directors has authorized a stock repurchase program under which the company can repurchase up to $100 million of its common stock. The repurchase program has no set expiration date.