Dril-quip, inc. announces third quarter 2023 results
Third quarter revenue increased 31% sequentially cash from operations of $26.8 million successfully completed the acquisition of great north houston, tx / accesswire / october 26, 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 third quarter of 2023. third quarter highlights revenue of $117.2 million increased 31% sequentially and 33% year-over-year net loss of $7.0 million decreased $10.5 million sequentially and $20.3 million year-over-year adjusted ebitda of $12.4 million increased $3.6 million sequentially and increased $5.3 million year-over-year gross margin of 27.0% increased 32 basis points sequentially and increased 154 basis points year-over-year cash provided by operations of $26.8 million, an increase of $25.8 million year-over-year free cash flow of $21.4 million increased $20.3 million sequentially and $30.6 million year-over-year net bookings of $46.5 million decreased 36% sequentially and 25% year-over-year remain on track to complete footprint optimization initiatives by year end 2023 awarded wellhead tender with petrobras supporting their pre-salt well development project worth up to $28 million first delivery of xpak detm liner hangers for exploration projects in africa participation in a geothermal project in new zealand through our connector product line successfully completed the acquisition of great north which contributed $15.5 million to third quarter revenue "our third quarter delivered strong revenue, both from the addition of great north, as well as growth driven by key deliveries to customers in markets such as brazil, the middle east, and west africa.
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