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Dril-Quip, Inc. (NYSE:DRQ) announced the successful installation of two 15,000 psi HorizontalBoreTM Subsea Trees at the Woodside Shenzi North oil and gas field in the U.S. Gulf of Mexico. This project, completed in collaboration with Proserv, showcases Dril-Quip's advanced modular subsea production systems, which allow for flexible completion configurations. Bruce Witwer, Vice President of Subsea Services, highlighted the project as a testament to the company's superior service quality and solutions, contributing to increased production capacity for their client. The press release also contains forward-looking statements regarding the performance and benefits of Dril-Quip's products, noting the inherent risks associated with such projections.
Dril-Quip, Inc. (NYSE: DRQ) reported impressive fourth quarter and full-year 2022 results. Q4 revenue reached $96.8 million, a 24% year-over-year increase, while full-year revenue rose 12% to $362.1 million. The company achieved a net loss of $0.3 million for Q4, a significant improvement from a $63.2 million loss last year. Adjusted EBITDA surged 97% year-over-year to $30 million. Notably, Dril-Quip signed $122 million in master service agreements in 2022 and aims for 10%-20% booking growth in 2023. The company also set a goal for a 50% reduction in GHG emissions by 2030.
Dril-Quip, Inc. (NYSE: DRQ) announced its fourth quarter and full year 2022 earnings results will be released on February 27, 2023, after U.S. markets close. A conference call to discuss these results is scheduled for February 28, 2023, at 10:00 a.m. EST. This event will be accessible to all interested parties and may include forward-looking information. Investors can pre-register for the call to obtain the dial-in number and passcode, as well as participate in the live webcast.
Dril-Quip (NYSE: DRQ) reported Q3 2022 results, showing a revenue of $88.1 million, down $5.8 million from Q2, impacted by foreign exchange rates and supply chain delays. Net income was $15.2 million, a rise of $20.8 million due to a facility sale and lower costs. Adjusted EBITDA decreased to $7.0 million, while free cash flow was negative at $9.2 million. The company booked $75.0 million in new orders, netting $61.7 million after cancellations. The ESG rating improved to A. Full-year bookings are expected to grow 15% to 20%.