Dril-quip, inc. announces first quarter 2024 results
Houston, tx / accesswire / may 2, 2024 / dril-quip, inc. (nyse:drq), (the "company" or "dril-quip"), a developer, manufacturer and provider of highly engineered equipment, service, and innovative technologies for use in the energy industry, today reported operational and financial results for the three months ended march 31, 2024. first quarter highlights revenue of $110.3 million decreased 12.7% sequentially and increased 21.4% year-over-year net subsea product bookings of $41.1 million net loss of $20.0 million decreased $21.8 million sequentially and $22.3 million year-over-year adjusted ebitda of $10.2 million decreased $6.4 million sequentially and increased $1.3 million year-over-year gross margin of 28.9 % increased 147 basis points sequentially and 99 basis points year-over-year delivered first great north wellheads internationally to a project in north africa first installation of our ss-15® rlde rigid lockdown subsea wellhead system for an offshore project in australia maintained our msci esg rating of an "a" for the year announced strategic combination with innovex downhole solutions inc. ("innovex") to create a leading industrial energy platform operational and financial results revenue, cost of sales and gross operating margin consolidated revenue for the first quarter of 2024 was $110.3 million, down $16.0 million from the fourth quarter of 2023 and up $19.4 million compared to the first quarter of 2023.
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