February 28, 2017 / 3:10 PM / 6 months ago

BRIEF-Dril-Quip reports Q4 earnings per share $0.03

Feb 28 (Reuters) - Dril-Quip Inc:

* Dril-Quip Inc announces results for 4th quarter & year end 2016

* Q4 results negatively impacted by after-tax loss from operations of TIW Corp of $0.08 per share

* Company announced that its backlog at December 31, 2016 was $318 million, compared to $685 million at December 31, 2015

* "2017 will be a very challenging year for us and for entire offshore sector"

* Q4 earnings per share $0.03

* Q4 revenue $106.1 million versus I/B/E/S view $115.4 million

* Due to reduced backlog level, uncertainty of book-and-ship order volumes, do not believe that it would be prudent to provide 2017 EPS guidance

* "further reduced our employee headcount in Q1 of 2017"

* "we do expect to be net income and free cash flow positive during 2017"

* "do not believe that it would be prudent to provide 2017 earnings-per-share guidance at this time"

* In addition, reductions in pay have been instituted globally

* Expect to be net income and free cash flow positive during 2017 Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below