Dril-quip, inc. announces second quarter 2023 results
Second quarter bookings increase 47% over prior year announces acquisition of great north to expand the company's well construction portfolio houston, tx / accesswire / july 31, 2023 / 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 second quarter of 2023. second quarter highlights revenue of $89.6 million decreased 1% sequentially and 5% year-over-year net bookings of $72.7 million increased 36% sequentially and 47% year-over-year, representing a book-to-bill ratio of 1.2x net income of $3.5 million increased $1.2 million sequentially and increased $9.1 million year-over-year adjusted ebitda of $8.8 million is sequentially flat and decreased $0.6 million year-over-year gross margin of 26.7% decreased 125 basis points sequentially and increased 79 basis points year-over-year installed bigbore™ lle wellhead system for petrobras exploratory project in the santos basin successfully installed horizontalbore™ subsea trees at woodside shenzi north remain on track to complete footprint optimization initiatives by year end 2023 subsequent to quarter end, received approximately $16.8 million from the u.s. internal revenue service related to prior year audit adjustments subsequent to quarter end, announced acquisition of great north to expand the company's well construction portfolio (the "acquisition") "we delivered another quarter of strong operational performance as we continue to benefit from the improving offshore drilling market, while we control costs and drive sustained margin improvement," said jeff bird, dril-quip's president and chief executive officer.
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