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Dril-Quip profit rises on higher drilling equipment demand

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May 9, 2008

HOUSTON—Dril-Quip Inc. said Friday its first-quarter earnings rose 6 percent on higher demand for its offshore drilling and production equipment, but the results still missed Wall Street's expectations.

The company earned $25.4 million, or 62 cents per share, compared with $24.1 million, or 59 cents per share, in the year-ago quarter.

Revenue rose 13 percent to $132.4 million, from $117.7 million in the prior-year period.

Analysts expected profit of 69 cents per share on revenue of $136.1 million, according to a poll by Thomson Financial.

The company said its order backlog at the end of the first quarter was about $438 million, compared to $345 million a year earlier.

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