![]() We continue to see increased investment and activity in key markets such as Saudi Arabia, Norway and Latin America with additional promise coming from West Africa, a region that has been dormant. We are keeping a pulse on customer behaviors and confidence, and we expect order trends and spending to accelerate in 2023. “Looking ahead, we expect to continue to capitalize on the constructive offshore drilling market. Our profitability continues to improve as our operational alignment initiatives are yielding meaningful results and support our future profitable growth. Accelerating MSA activity throughout the year is also a favorable indicator for our bookings growth potential in 2023 and beyond. Bookings of $94 million in the quarter were the highest quarterly mark we have achieved since the fourth quarter of 2019, reflecting the ongoing upcycle in the offshore market. “Our double digit, top-line growth was driven by strong activity in key geographies and aggressive investment by larger offshore customers, helping offset some lingering foreign exchange headwinds. "Dril-Quip delivered a strong fourth quarter, capping an important year where we met or exceeded most of our targets and made significant progress along our longer-term financial, operational, and strategic objectives," said Jeff Bird, Dril-Quip’s President and Chief Executive Officer. Committed investment of $22 million in wellhead manufacturing equipment that is expected to be delivered in Q4’23.Closed on the sale of the Houston forge facility and entered into purchase and sale agreements for Houston’s administrative and aftermarket buildings.Received upgraded MSCI ESG rating of an “A”.Announced Scope 1 and Scope 2 GHG emissions reduction target of 50% by 2030.Announced a Collaboration Agreement with Aker Solutions to offer subsea injection systems for carbon capture, utilization, and storage (“CCUS”) projects.Repurchased $20.8 million of shares during the year at an average price of $23.41 per share.Gross Margin of 27% increased 160 basis points year-over-year.Adjusted EBITDA of $30.0 million increased 97% year-over-year.Net Income of $0.4 million increased $128.4 million year-over-year.Signed $122.0 million of master service agreements (MSAs) in 2022.Net Bookings of $271.6 million increased 19% year-over-year.Revenue of $362.1 increased 12% year-over-year.Published first corporate sustainability report.Gross Margin of 31% increased 579 basis points sequentially and 979 basis points year-over-year.Adjusted EBITDA of $10.4 million improved from $0.6 million one year ago and increased 48% sequentially.Net Loss of $0.3 million improved $63.2 million year-over-year.Net Bookings of $93.8 million increased 52% sequentially and 18% year-over-year.Revenue of $96.8 million increased 10% sequentially and 24% year-over-year. ![]() (NYSE: DRQ), (the “Company” or “Dril-Quip”), a developer, manufacturer and provider of highly engineered equipment, service and innovative technologies for use in the energy industry, today reported operational and financial results for the fourth quarter and full year 2022. 27, 2023 (GLOBE NEWSWIRE) - Dril-Quip, Inc. Significant progress made along operational excellence initiativesĬompany provides fiscal 2023 financial outlook Fourth quarter and full year revenue increase double digits year-over-year ![]()
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