Guidanceįor 2022, Dril-Quip expects product bookings to increase 10-20% year over year. Its balance sheet is free of debt load, highlighting a sound financial position. Financialsĭril-Quip recorded $5.2 million in capital expenditure for the quarter versus the year-ago level of $2.1 million.Īs of Dec 31, 2022, the company’s cash balance was $264.8 million. In the fourth quarter, Dril-Quip generated a negative free cash flow of $22.8 million against a cash flow of $2.6 million a year ago. Total costs and expenses for the quarter were $99.2 million compared with $149.6 million a year ago. Selling, general and administrative costs declined to $26.9 million from $30.6 million a year ago. However, engineering and product development costs contracted to $2.7 million in the quarter from the year-ago figure of $3.8 million. The cost of sales increased to $66.6 million for the reported quarter from $61.2 million in the year-ago period.
The company reported a fourth-quarter operating loss of $2.4 million, narrower than a loss of $71.7 million in the prior-year period. The company’s 2022 backlog increased 15% year over year as product bookings increased due to improving market conditions. Quote Q4 Performanceĭril-Quip reported product bookings of $93.8 million for the quarter. price-consensus-eps-surprise-chart | Dril-Quip, Inc. Price, Consensus and EPS Surpriseĭril-Quip, Inc.
