Dril-Quip Inc. Announces 87% Decline In Q2 Profit

(RTTNews) - Dril-Quip Inc. (DRQ) reported a profit for second quarter that fell from last year.

The company said its bottom line declined to $3.25 million, or $0.09 per share. This was down from $25.55 million, or $0.68 per share, in last year's second quarter.

Analysts had expected the company to earn $0.05 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 10.2% to $127.92 million. This was down from $142.44 million last year.

Dril-Quip Inc. earnings at a glance:

-Earnings (Q2): $3.25 Mln. vs. $25.55 Mln. last year. -Earnings Decline (Y-o-Y): -87.3% -EPS (Q2): $0.09 vs. $0.68 last year. -EPS Decline (Y-o-Y): -86.8% -Analysts Estimate: $0.05 -Revenue (Q2): $127.92 Mln vs. $142.44 Mln last year. -Revenue Change (Y-o-Y): -10.2%