Details of the Error This misclassification resulted in an understatement of "Cost of sales" and an overstatement of "Restructuring and other charges" by $67 million for the fiscal year that ended on Dec 31, 2021. Importantly, this error did not affect its Income (loss) before income taxes, Net income (loss), or Adjusted EBITDA. On Jul 8, 2024, Dril-Quip's Audit Committee, after consulting with management and its independent registered public accounting firm, PricewaterhouseCoopers LLP ("PwC"), determined t ...

Dril-Quip, Inc. (DRQ) reported a first-quarter 2024 adjusted loss of 62 cents per share, which is wider than the year-ago quarter’s loss of 1 cents.The company’s total quarterly revenues of $110.3 million increased from the year-ago quarter’s $90.9 million. In comparison to the first quarter of 2023, the rise was primarily fueled by the inclusion of Great North, contributing $25.1 million in the quarter. This was partly counterbalanced by decreased Subsea Product sales.Significant increases in total costs a ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-13439 DRIL-QUIP, INC. (Exact name of registrant as specified in its charter) DELAWARE 74-2162088 (State or other jurisdiction of incorporation or organization) 20 ...

Exhibit 99.1 DRIL-QUIP, INC. ANNOUNCES FIRST QUARTER 2024 RESULTS HOUSTON, May 2, 2024 — Dril-Quip, Inc. (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 three months ended March 31, 2024. First Quarter Highlights Operational and Financial Results Revenue, Cost of Sales and Gross Operating Margin Consolidated revenue ...

NEW YORK, March 20, 2024 /PRNewswire/ -- Kuehn Law, PLLC, a shareholder litigation law firm, is investigating potential claims related to the below-listed proposed mergers.  Kuehn Law may seek additional disclosures or other relief on behalf of the shareholders of these companies.  Kuehn Law is investigating whether the Boards of the below companies 1) acted to maximize shareholder value, 2) failed to disclose material information, and 3) conducted a fair process:  Dril-Quip has agreed to merge with Innovex ...

Dril-Quip, Inc. (DRQ) and Innovex Downhole Solutions, Inc. have announced a definitive agreement to merge, creating a unique and innovative energy platform. The all-stock transaction, disclosed in a recent press release, positions the combined entity as a frontrunner in innovation, boasting an expanded scale, diverse product portfolio and an extensive geographic footprint.Dril-Quip, renowned for its expertise in developing, manufacturing and providing highly engineered equipment and services for the global ...

HOUSTON--(BUSINESS WIRE)--Dril-Quip, Inc. (NYSE: DRQ), (“Dril-Quip”), a leading developer, manufacturer and provider of highly engineered equipment and services for the global offshore and onshore oil and gas industry, and Innovex Downhole Solutions, Inc. (“Innovex”), a global leading provider of mission-critical technologies and services across the well lifecycle for the oil and gas industry, today announced a definitive agreement under which Dril-Quip and Innovex will merge in an all-stock transaction to ...

Dril-Quip, Inc. (DRQ) reported fourth-quarter 2023 adjusted earnings of 4 cents per share, which missed the Zacks Consensus Estimate of 11 cents. The bottom line also declined from the year-ago quarter’s 6 cents.The company’s total quarterly revenues of $126 million increased from the year-ago quarter’s figure of $97 million. The figure, however, missed the Zacks Consensus Estimate of $136 million.Significant rise in total costs and expenses led to weak quarterly earnings.Q4 PerformanceDril-Quip reported ne ...

the power of Disclaimer | Cautionary Statement The information furnished in this presentation contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements include, but are not limited to, goals, projections, estimates, expectations, market outlook, forecasts, plans and objectives, including revenue and new product revenue, capital expenditures and other projections, project bookings, bidding and service activity, acquisition opportunities, forecasted su ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2023 was $126.3 million, representing a 31% year-over-year increase and an 8% sequential increase, driven by activity increases in subsea services and the full quarter contribution from Great North [30] - For the full year 2023, revenue was $424.1 million, an increase of 17% year-over-year, with Great North contributing $35.2 million [30] - Adjusted EBITDA for Q4 2023 was $16.5 million, an increase of $4.2 million sequentially and $6.3 million year-over-year, while full year adjusted EBITDA was $46.5 million, a 56% increase year-over-year [32] - Free cash flow for Q4 2023 was $14.5 million, an improvement of $37.3 million year-over-year, while free cash flow for the full year was negative $24.9 million [33] Business Line Data and Key Metrics Changes - Subsea Products revenue increased by 2% year-over-year, while Subsea Services revenue grew by 7% [12] - The Well Construction segment revenue grew 70% year-over-year, reflecting increased activity in Latin America and Saudi Arabia, with a $100 million annual run rate for the legacy TIW business [13] Market Data and Key Metrics Changes - The Canadian onshore market is expected to grow due to increased production from operators and market share expansion, particularly in the Grand Prairie region [9] - International growth is anticipated in key areas such as the Middle East, Latin America, and the U.S., with investments in new facilities and technologies [10][11] Company Strategy and Development Direction - The company is reorganizing its business into product lines, optimizing its footprint, and investing in manufacturing capabilities to drive growth [8] - Strategic investments are being made in key growth markets globally, including Saudi Arabia and Mexico, to support anticipated demand [10][11] - The company plans to discontinue the inclusion of well construction bookings in future disclosures, focusing solely on subsea product bookings [24] Management's Comments on Operating Environment and Future Outlook - The macroeconomic outlook for 2024 and beyond is positive, with expectations for increased offshore project FIDs [27] - Management expressed confidence in accelerating contract awards in 2024 as rig capacity constraints are resolved [9] - The company expects revenue to increase by 15% to 20% in 2024, with Q1 revenue projected between $105 million and $110 million [15] Other Important Information - The company completed the sale of its Houston administration building, generating approximately $23 million, which funded investments in subsea wellhead manufacturing equipment [25] - The investment in upgrading subsea wellhead manufacturing equipment is on schedule and expected to go live in Q2 2024 [26] Q&A Session Summary Question: Can you provide the subsea product bookings for full year 2022 and 2023? - The subsea product bookings for both 2022 and 2023 were approximately $215 million to $217 million, with the 2024 guidance being $200 million to $225 million [18] Question: Will the 24 wells announced for the Woodside Trion development offshore Mexico be included in subsea bookings for Q1? - The MSA for the 24 wells was signed in Q4 and will be called off over the next 1 to 2 years, thus not contributing to immediate bookings [19] Question: Can you clarify the margin guidance for this year? - The difference in margin guidance is attributed to timing on productivity initiatives, which may have been pushed out a quarter [37]