Dril-Quip (DRQ) to Restate 2021 Financials Over $67M Error

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 ...