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Dril-Quip (NYSE: DRQ) announced that its President and COO, Jeff Bird, will speak at the Pareto Securities 27th Energy Conference on September 16, 2020. While presentations at the conference will not be webcast, the company's presentation will be available for download on their website in the Investors section. Dril-Quip specializes in manufacturing advanced drilling and production equipment, particularly for use in challenging offshore and deep-water environments.
HOUSTON, Sept. 4, 2020 – Dril-Quip (NYSE: DRQ) will participate in the 2020 Barclays CEO Energy-Power Conference on September 9, 2020. CEO Blake T. DeBerry and CFO Raj Kumar are set to engage in a fireside chat at 9:05 a.m. EDT, followed by virtual one-on-one meetings. A live webcast of the chat and accompanying presentation slides will be available on their website. The company is recognized for its specialized drilling and production equipment suited for challenging environments.
Dril-Quip (DRQ) reported Q2 2020 results with $90.4 million in revenue, down from $96 million in Q1 and $103.8 million year-over-year, largely due to COVID-19 impacts. The company posted a net loss of $14.1 million ($0.40/share), an improvement from the previous quarter's loss of $19.7 million. Adjusted EBITDA was $6 million, with cash on hand at $345.8 million. Strategic moves include a collaboration with Proserv for subsea controls, anticipated to save $8-10 million annually. Cost-saving measures have led to savings of $11.5 million so far, with a goal of $20 million by year-end.
Dril-Quip (NYSE: DRQ) announced its second quarter 2020 earnings release will be issued on July 30, 2020, after market close. A webcast featuring CEO Blake DeBerry and CFO Raj Kumar, hosted by J.P. Morgan's Sean C. Meakim, will take place on July 31, 2020, at 11:00 a.m. ET. Stakeholders can listen to discussions on the company's financial performance, operations, and outlook, but no Q&A will be held. Details for joining the webcast are available on Dril-Quip’s website.
Dril-Quip (NYSE: DRQ) has partnered with Proserv Group for the development and manufacturing of subsea control systems. This collaboration aims to enhance Dril-Quip's offerings to existing customers by integrating Proserv's technologies. The agreement also sets the stage for joint marketing efforts. Dril-Quip's CEO emphasized the strategic benefits, while Proserv's CEO noted the focus on delivering reliable and innovative solutions to the energy sector. The partnership will combine their strengths in technology to provide cost-effective subsea solutions, catering to evolving market demands.
Dril-Quip (NYSE: DRQ) announced key executive promotions as part of its organizational transformation on May 14, 2020. Jeffrey J. Bird is promoted to President and Chief Operating Officer, while Raj Kumar becomes Vice President and Chief Financial Officer. These changes aim to streamline operations and position the company for ongoing success in a challenging market. Bird, with the company since 2017, has been instrumental in the global business transformation, and Kumar has led successful finance initiatives. The leadership team, including CEO Blake DeBerry, will work closely to guide the company forward.
Dril-Quip (NYSE: DRQ) reported Q1 2020 revenues of $96.0 million, experiencing a $19.7 million net loss due to $40.4 million in impairments and restructuring costs. Adjusted EBITDA was $6.5 million, down from $15.8 million in Q4 2019. The company announced a plan for $20 million in annualized cost savings, with $10 million expected in H2 2020. Cash on hand was $343.5 million, with no debt. Share repurchases totaled $25 million in Q1. The ongoing impacts of COVID-19 have led to delays in customer orders and a cautious outlook for 2020.
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