Financial Performance - Revenue for Q2 2024 was $120.3 million, a 9.1% increase sequentially and a 34.3% increase year-over-year[2]. - Net loss for Q2 2024 was $1.8 million, an improvement of $18.2 million sequentially and a decrease of $5.3 million year-over-year[2][8]. - Adjusted EBITDA for Q2 2024 was $16.5 million, up $6.3 million sequentially and $7.7 million year-over-year, with margins expanding to 13.7%[2][8]. - Gross margin for Q2 2024 was 30.8%, an increase of 194 basis points sequentially and 417 basis points year-over-year[2][8]. - Total revenues for the three months ended June 30, 2024, were $120,342,000, an increase of 9.4% from $110,297,000 in the same period last year[24]. - Net loss for the period was $(1,812,000), a significant improvement compared to a net loss of $(19,984,000) in the prior year[24]. - Adjusted EBITDA for the three months ended June 30, 2024, was $16,515,000, up from $10,175,000 in the same period last year, reflecting a 62.5% increase[29]. - Basic and diluted net income (loss) per share for the quarter was $(0.05), improving from $(0.58) in the same quarter last year[24]. Operational Metrics - Subsea Products orders booked were $54.1 million, a 25% sequential increase, but net bookings were $12.8 million after a $39.6 million project cancellation[2][5]. - Cash used in operations was $9.3 million for Q2 2024, a decrease of $5.2 million sequentially and $20.6 million year-over-year[9]. - Free cash flow for the three months ended June 30, 2024, was $(15,460,000), compared to $(8,861,000) in the previous year, indicating a decline in cash generation[30]. - The company reported a foreign currency transaction loss of $6,671,000 for the quarter, compared to a gain of $(1,895,000) in the prior year[24]. - The company incurred acquisition costs of $1,695,000 during the quarter, a significant decrease from $19,046,000 in the previous year[24]. Capital Expenditures and Assets - Capital expenditures for Q2 2024 were $6.2 million, primarily for manufacturing equipment and rental tools[9]. - Capital expenditures for the quarter were $6,156,000, an increase from $4,757,000 in the same period last year[24]. - Total assets decreased to $1,008,157,000 as of June 30, 2024, from $1,028,181,000 at the end of the previous year[26]. - Current liabilities increased to $126,429,000 from $117,703,000, reflecting a rise in short-term obligations[26]. Strategic Developments - The Well Construction segment saw a proforma year-on-year growth of 25%, driven by acquisitions and increased offshore activity[3][4]. - The merger with Innovex Downhole Solutions is on track to close in Q3 2024, expected to provide significant benefits including scale and synergies[2][3][11]. - The company has suspended earnings guidance updates due to the pending merger with Innovex[10].

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Dril-Quip, Inc. due to allegations of materially misleading business information issued by the company [1]. Group 1: Company Disclosure - On July 8, 2024, Dril-Quip filed a current report with the SEC, revealing an error in the classification of inventory write-downs from 2021, which resulted in an understatement of "Cost of sales" and an overstatement of "Restructuring and other charges" by $67 million for the fiscal year ended December 31, 2021 [3]. - The Audit Committee concluded that the consolidated financial statements for the affected period should no longer be relied upon due to the aforementioned error, and all related communications should also be disregarded [3]. - Management determined that the company's disclosure controls and procedures as of December 31, 2023, were ineffective, and plans to file restated consolidated financial statements for the affected period [3]. Group 2: Market Reaction - Following the disclosure of the error, Dril-Quip's stock price fell by 9.9% on July 9, 2024 [3]. Group 3: Legal Action - Investors who purchased Dril-Quip securities may be entitled to compensation through a class action lawsuit being prepared by Rosen Law Firm, which operates on a contingency fee basis [2].

Core Viewpoint - Dril-Quip, Inc. disclosed a $67 million accounting error related to inventory write-downs, leading to a significant drop in its stock price and raising concerns about the reliability of its previous financial statements [9]. Investigation Details - Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of investors who purchased Dril-Quip securities, encouraging affected investors to participate in the investigation [3][7]. - The firm has a history of representing investors in securities fraud class actions and has recovered hundreds of millions of dollars for clients [8]. Financial Impact - The accounting error involved misclassifying inventory write-downs from 2021, which resulted in an understatement of 'Cost of sales' and an overstatement of 'Restructuring and other charges' by $67 million for the fiscal year ended December 31, 2021 [9]. - Following the announcement of the error, Dril-Quip's stock price fell by approximately 9.9%, from $17.77 to $16.01 per share [9].

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Dril-Quip, Inc. due to allegations of materially misleading business information issued by the company [1]. Financial Disclosure Issues - On July 8, 2024, Dril-Quip filed a Form 8-K with the SEC, revealing an error in the classification of inventory write-downs from 2021, which resulted in an understatement of "Cost of sales" and an overstatement of "Restructuring and other charges" by $67 million for the fiscal year ended December 31, 2021 [3]. - The Audit Committee concluded that the consolidated financial statements for the affected period should no longer be relied upon, affecting all previously issued reports and communications regarding the company's financials for that period [3]. Impact on Stock Price - Following the disclosure of the financial misstatements, Dril-Quip's stock price fell by 9.9% on July 9, 2024 [5]. Class Action Information - Investors who purchased Dril-Quip securities may be entitled to compensation through a class action lawsuit being prepared by Rosen Law Firm, which operates on a contingency fee basis [4].

NEW YORK, July 15, 2024 /PRNewswire/ -- What to do next: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=27144 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. Further, Dril-Quip disclosed that "after considering the recommendations of management and discussion with the Company's independent registered public accounting firm[,] the Audit Committee of our board of directors ("Audit Committee") concluded ...

Core Viewpoint - Dril-Quip, Inc. is under investigation for potential violations of federal securities laws and unlawful business practices following the disclosure of a significant error in inventory write-down classifications [1][3]. Financial Disclosure - On July 8, 2024, Dril-Quip revealed an error in classifying inventory write-downs from 2021, totaling approximately $67 million, which included $19.3 million related to a 2018 strategic plan and $47.7 million due to product discontinuations under a 2021 plan [3]. - The misclassification led to an understatement of 'Cost of sales' and an overstatement of 'Restructuring and other charges' by $67 million for the fiscal year ended December 31, 2021 [3]. - Dril-Quip stated that previous financial statements for the affected period should no longer be relied upon and will be restated [3]. Market Reaction - Following the announcement, Dril-Quip's share price fell by $1.76, or approximately 9.9%, from $17.77 on July 8, 2024, to close at $16.01 on July 9, 2024 [3]. Company Controls - The company acknowledged that its disclosure controls and procedures as of December 31, 2023, were not effective [3].

NEW YORK, July 10, 2024 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Dril-Quip, Inc. ("Dril-Quip" or the "Company") (NYSE: DRQ). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980. The investigation concerns whether Dril-Quip and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. [Click here for information about joining the class action] On July 8, 2024, Dril-Qu ...

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 ...