us earns dril quip 110609
On the homepage
Thanksgiving
Out There
Video
Reusse's Turkey
Drilling equipment maker Dril-Quip says profit down, sales up from a year ago
Print this story
E-mail this story
Save to del.icio.us
Share on Facebook
Share on Digg
Minnesota business by the numbers
See Minnesota's top earning companies, CEOs and non-profits
More from Business
HOUSTON - Dril-Quip Inc., which makes equipment for offshore oil drilling, said Friday its profit slipped from a year ago on a charge even as sales rose, and it gave a fourth-quarter outlook in line with Wall Street expectations.
The company said it earned $25.1 million, or 63 cents per share, compared with $27.4 million, or 69 cents per share, a year ago.
The results included an after-tax charge of $3.5 million, or 9 cents per share, for contract-termination costs after the death of a co-CEO.
Analysts, who usually exclude charges from their calculations, had expected earnings of 67 cents per share.
Revenue rose to $138.2 million from $132.3 million a year ago, beating analysts' forecast of $136.1 million.
The company said it expects to earn between 62 and 72 cents per share in the fourth quarter, excluding special items. Analysts forecast 67 cents per share.
Dril-Quip shares gained 39 cents, to $52.96, in midday trading.
Recent Business stories
Employees of closed International Paper lumber mill in Va eligible for federal aid - November 6, 2009
Employees of closed International Paper lumber mill in Va eligible for federal aid - About 120 workers who lost their jobs when a lumber mill in Franklin closed are eligible for federal assistance. More
- Ponzi scheme suspect liked cars -- and his submarine
- 2 charged with running $190M Ponzi scheme
- 3 state firms are accused of forging signatures
- 'Christmas creep' pushes shopping ever earlier
- Shoppers got a turkey deal
- Dubai debt fears hit world markets hard
- Tight economy forces some to stay home for holiday
Blog: Patent Pending
Lights out at U energy conference. Irony police notified.
Just as Lawrence Kazmerski, a top official at the National Renewable Energy Laboratory, was about to give the keynote address at the University of Minnesota's annual E3 conference at the RiverCentre in St. Paul, the lights went out, bathing the audience in darkness and a deep sense of irony.
Comment on this story | Be the first to comment | Hide reader comments