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Quip login9/19/2023 Its balance sheet is free of debt load, highlighting a sound financial position. Financialsĭril-Quip recorded $5.4 million in capital expenditure for the quarter.Īs of Mar 31, 2023, the company’s cash balance was $235.3 million. In the first quarter, Dril-Quip generated a negative free cash flow of $58.3 million compared with $13 million a year ago. Total costs and expenses in the quarter were $87.7 million compared with $88.7 million a year ago. Selling, general and administrative costs increased to $22.6 million from $22.4 million a year ago. However, engineering and product development costs contracted to $3.4 million from the year-ago figure of $3.7 million. The cost of sales increased to $65.5 million in the reported quarter from almost $64 million in the year-ago period. The company reported a first-quarter operating income of $3.2 million, improving from a loss of $5.6 million in the prior-year period. DRQ’s first-quarter backlog rose 6% year over year, thanks to the increase in product bookings following improvement in market conditions. Q1 Performanceĭril-Quip reported net bookings of $53.5 million for the quarter. Strong quarterly results were supported by improved performance of key offshore markets and some reemerging areas. The company’s total quarterly revenues of $91 million increased from the year-ago quarter’s $83 million. The bottom line improved from the year-ago loss of 29 cents per share. ( DRQ Quick Quote DRQ - Free Report) reported a first-quarter adjusted loss of 1 cent per share, narrower than the Zacks Consensus Estimate of a loss of 2 cents.
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