Dril-quip, inc. announces fourth quarter and full year 2023 results

Annual revenue increases double digits year-over-year full year cash provided by operations increases $44.5 million year-over-year company provides fiscal 2024 financial outlook houston, tx / accesswire / february 26, 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 fourth quarter and full year 2023. fourth quarter highlights revenue of $126.3 million increased 8% sequentially and 31% year-over-year net bookings of $122.7 million increased $76.2 million sequentially and $24.4 million year-over-year net income of $1.8 million increased $8.9 million sequentially and $2.1 million year-over-year adjusted ebitda of $16.5 million increased 34% sequentially and 61% year-over-year gross margin of 27.4% improved 44 basis points sequentially and decreased 381 basis points year-over-year cash provided by operations of $26.1 million increased $2.9 million sequentially and $43.7 million year-over-year free cash flow of $14.5 million decreased $3.3 million sequentially and increased $37.3 million year-over-year closed on the sale of a third houston property generating net proceeds of $9 million secured major subsea production system in australia for approximately $40 million awarded 3-year deepwater subsea wellhead contract by cnooc won a multi-well, multi-year contract to supply subsea wellhead systems in mexico awarded hibernia / exxon canada diverter systems which provides a special application for pressure balanced drilling deployed equipment for the completion of three canadian carbon storage appraisal wells full year highlights revenue of $424.1 million increased 17% year-over-year net bookings of $295.4 million increased 9% year-over-year signed 11 new master service agreements (msas) in 2023 net income of $0.6 million increased $2.2 million year-over-year adjusted ebitda of $46.5 million reflecting 27% incremental margins closed on the sale of two houston properties completing the current footprint optimization initiative, resulting in net proceeds of $23 million in 2023 completed the acquisition of great north which contributed $35.2 million to 2023 revenue installed bigbore™ lle subsea wellhead systems for petrobras exploratory project in the santos basin successfully installed horizontalbore™ subsea trees at woodside shenzi north awarded tender with petrobras for 43 subsea wellhead systems supporting their pre-salt well development project first delivery of xpak de tm liner hangers for exploration projects in africa participation in a geothermal project in new zealand through our connector product line "strong performance in the fourth-quarter was great way to close out 2023 for dril-quip with double-digit growth in both annual revenue and adjusted ebitda, showcasing significant progress toward our longer-term financial, operational, and strategic objectives," said jeff bird, dril-quip's president and chief executive officer.
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