THIS STORY HAS BEEN FORMATTED FOR EASY PRINTING

Dril-Quip plans buyback of up to $100 million in stock

Email|Print|Single Page| Text size – +
May 9, 2008

HOUSTON—Dril-Quip Inc., which makes offshore drilling and production equipment, said Friday it authorized a buyback of up to $100 million of its common stock.

The company did not set a time frame for the buyback. The repurchases will be made on the open market, through private transactions, or under a 10b5-1 plan, which allows the company to buy shares when it otherwise might be prevented from doing so under insider trading rules.

Dril-Quip had about 40.8 million shares outstanding as of May 6.

Also Friday, the company said its first-quarter earnings rose but missed Wall Street's expectations, and it issued a second-quarter earnings prediction below analysts' current forecasts.

Shares sank $3.42, or 5.6 percent, to $57.50 in premarket electronic trading, after closing Thursday at $60.92.

© Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

more stories like this

  • Email
  • Email
  • Print
  • Print
  • Single page
  • Single page
  • Reprints
  • Reprints
  • Share
  • Share
  • Comment
  • Comment
 
  • Share on DiggShare on Digg
  • Tag with Del.icio.us Save this article
  • powered by Del.icio.us
Your Name Your e-mail address (for return address purposes) E-mail address of recipients (separate multiple addresses with commas) Name and both e-mail fields are required.
Message (optional)
Disclaimer: Boston.com does not share this information or keep it permanently, as it is for the sole purpose of sending this one time e-mail.