Power

Dril-Quip, Inc. Announces First Quarter 2022 Results

Dril-Quip was happy to release its operational and financial results for the first quarter of 2022. These resolutions included six essential points that mark their quarter. 

The important aspects to highlight in these first quarter

  1. A higher income in the first quarter compared to the fourth quarter of 2021. It was precisely $5.2 million more. 
  2. During the first quarter, they perceived $66.5 million of new orders. This amount already contemplates $17 million in product and service orders for projects in Brazil. 
  3. It had a net loss of $8.9 million, or a $0.26 loss per share. Also, an improvement of $54.5 million, or $1.55 per share, compared to the fourth quarter of 2021. These results happened because of increased revenue, lower restructuring, and other charges.
  4. Generated adjusted EBITDA of $3.2 million, or 3.8% of revenue; an increase of $2.6 million from the fourth quarter of 2021
  5. First-quarter net cash used by operating activities of $10.9 million and free cash flow of negative $13.0 million, inclusive of $2.1 million of capital expenditures
  6. At last, they repurchased $5.8 million of shares. The price of them was an average of $21.20 during this term.  

Jeff Bird, Dril-Quip’s President, and Chief Executive Officer, commented; “We continue to see a strengthening market that supports activity and increasing demand for our products and services. Orders this quarter represent the second straight quarter of strengthening bookings. We saw off the pandemic lows of 2020 and most of 2021.” 

He continued, “Along with Dril-Quip continued focus on our strategic growth pillars of peer-to-peer collaboration, downhole tools expansion, and e-Series technology position us well for our expected 20% year-over-year growth in orders. The customer response from our Aker Solutions collaboration agreement has been strong. We are beginning to align and dedicate resources to this effort that we expect will be an emerging revenue stream for us in the coming years.”

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He added, “These strong order trends started to translate into revenue in the first quarter as revenue was sequentially up by approximately 7%. We would expect this trend to continue and ultimately drive revenues up 10% for the full year 2022 compared to 2021.” 

“As we look forward to 2022, we remain confident in our ability to achieve the goals we set forth during our annual earnings call. Bookings, revenue, and adjusted EBITDA will be the primary focus of our team. We believe our strategic path and internal continuous improvement mindset, coupled with our strong balance sheet will lead to a stronger Dril-Quip. We will see it in the coming quarters and years for our shareholders and stakeholders.”

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