Innovex International, Inc. reports developments for a global energy-products business serving oil and natural gas operators across the well lifecycle. The company was established in 2024 following the merger of Dril-Quip, Inc. and Innovex Downhole Solutions, Inc., and its portfolio includes subsea, surface wellhead, well construction, well completion, production solutions, fishing and intervention products.
News for INVX centers on quarterly results, capital allocation, share repurchase activity, selling-stockholder offerings, product introductions, cross-selling across its platform and completed acquisitions such as Drilling Innovative Solutions. Updates also cover operations across North America, Latin America, Europe, the Middle East and Asia.
Dril-Quip (NYSE: DRQ) has announced the appointment of Jeffrey J. Bird as President and Chief Executive Officer, effective January 1, 2022. He replaces Blake T. DeBerry, who will remain in his role until December 31, 2021. Bird joined Dril-Quip in 2017 and has held various leadership positions, most recently as President and Chief Operating Officer. DeBerry expressed confidence in the company's future and the leadership transition, citing expected improvements in the market. The new CEO emphasized his commitment to serving shareholders and building on the company's strengths.
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Dril-Quip reported second-quarter 2021 results with revenue of $80.8 million, down from previous quarters, and a net loss of $19.1 million, though improved by $15.3 million sequentially. Adjusted EBITDA was $2.6 million, impacted by lease termination costs. The company generated $11.3 million in operating cash flow and $8.2 million in free cash flow. Notably, Dril-Quip booked $50.4 million in new orders and formed a strategic collaboration for subsea products, while also facing challenges from raw material price increases and the pandemic's impact on oil demand.
Dril-Quip, Inc. (NYSE: DRQ) will release its second quarter 2021 earnings on July 29, 2021, after market close. CEO Blake DeBerry and CFO Raj Kumar will discuss financial performance and business outlook in a fireside chat with Johnson Rice's Daniel Burke on July 30, 2021, at 11:00 AM ET. Stakeholders can listen via webcast or conference call. The earnings release and webcast access will be available on Dril-Quip's website. A replay of the webcast will be accessible for one year post-event.
Dril-Quip (NYSE: DRQ) announced the appointment of Darryl K. Willis to its Board of Directors, recommended by the Nominating and Governance Committee. Willis, aged 52, has extensive experience in the energy sector, currently serving as Corporate Vice President at Microsoft and previously holding key positions at Google Cloud and BP. CEO Blake DeBerry expressed optimism about Willis's unique insights on digital transformation and energy transition, anticipating a positive impact on the company's future growth.
Dril-Quip (NYSE: DRQ) reported Q1 2021 revenue of $81.2 million, a decrease from previous quarters, with a net loss of $34.4 million or $0.97 per share, largely due to $25 million in impairments and restructuring costs. Despite a 30.1% gross margin, challenges remain in product deliveries linked to the Texas winter storm. The company achieved $56.6 million in new orders, increasing backlog to $197 million. Free cash flow was $10.6 million, driven by improved cash collection and lean initiatives expected to yield $10 million in annual savings.
Dril-Quip, Inc. (NYSE: DRQ) will release its Q1 2021 earnings on April 29, 2021, after market close. CEO Blake DeBerry and CFO Raj Kumar will engage in a webcast with Luke Lemoine from Capital One Securities on April 30, 2021, at 11:00 a.m. ET to discuss the company's financial performance and operational outlook.
The earnings press release and webcast access will be available on the company's website, providing stakeholders with insights into Dril-Quip's operations in the drilling and production equipment sector.
On March 4, 2021, Dril-Quip (NYSE: DRQ) joined the ASME Foundation as a supporter of the INSPIRE STEM Readiness program, enhancing education for K-12 students in engineering. The program, now in over 3,400 schools nationwide, aims to inspire diverse students to pursue STEM careers. Dril-Quip's involvement will foster community engagement and support educational initiatives, reflecting its commitment to developing the next generation of engineers. Kathleen Lobb from ASME highlighted Dril-Quip's role in promoting engineering exploration among young people.
Dril-Quip (NYSE: DRQ) reported Q4 2020 revenue of $87.2 million and full-year revenue of $365.0 million amidst pandemic disruptions. The company incurred a net loss of $11.3 million for Q4 and $30.8 million for the year. Adjusted EBITDA was $9.0 million (10.3% of revenue) for Q4, down from $10.2 million in Q3. Free cash flow was negative $18.5 million for Q4. Cost-saving initiatives yielded $20 million in annualized savings, with an expected additional $10 million in 2021. Despite challenges, the company aims for future growth and improved cash flow as markets stabilize.