Dril-Quip reports Q4 adjusted EPS 6c, consensus (5c)

Reports Q4 revenue $96.81M, consensus $88.5M. "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. "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. 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. Accelerating MSA activity throughout the year is also a favorable indicator for our bookings growth potential in 2023 and beyond. Our profitability continues to improve as our operational alignment initiatives are yielding meaningful results and support our future profitable growth."