![]() The strong quarterly earnings were driven by higher realizations of commodity prices.īP's net debt, including leases, was $36,129 million at the end of the first quarter versus $42,380 million in the prior-year quarter. ![]() The bottom line beat the Zacks Consensus Estimate of earnings of $1.41 per share. Recent ReleasesīP plc BP reported first-quarter 2022 adjusted earnings of $1.92 per American Depositary Share on a replacement-cost basis, excluding non-operating items. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. The Zacks Rank #3 (Hold) company projects total capital expenditure of $15-$17 million for the year. In the first quarter, Dril-Quip generated a negative free cash flow of $13 million against a cash flow of $10.6 million a year ago. ![]() Total costs and expenses for the quarter were $88.7 million compared with $112.8 million a year ago. SG&A costs declined to $22.4 million from $29.6 million a year ago. However, engineering and product development costs contracted to $3.7 million for the quarter from the year-ago figure of $4 million. On the cost front, the cost of sales increased to $64 million for the reported quarter from $56.8 million in the year-ago period. The company reported a first-quarter operating loss of $5.6 million, narrower than a loss of $31.6 million in the prior-year period. At the first quarter-end, it had $220.9 million in the backlog. Quote Q1 Performanceĭril-Quip reported product bookings of $66.5 million for the quarter. price-consensus-eps-surprise-chart | DrilQuip, Inc. Price, Consensus and EPS SurpriseĭrilQuip, Inc. The negatives were partially offset by an increase in product revenues as a result of higher subsea product volumes. The lower-than-expected results can be attributed to the higher cost of sales. The top line increased from the year-ago quarter’s $81 million. The company registered total quarterly revenues of $83 million, missing the Zacks Consensus Estimate of $90 million. However, the bottom line improved from the year-ago loss of 47 cents per share. The company’s strong balance sheet, with ample liquidity, has been appreciated by investors.ĭril-Quip reported a first-quarter 2022 adjusted loss per share of 29 cents, wider than the Zacks Consensus Estimate of a loss of 21 cents. The manufacturer of highly engineered drilling and production equipment expects a continuous improvement in the business scenario in the near future. ![]() DRQ shares have gained 2.1% despite reporting lower-than-expected first-quarter 2022 results on Apr 28. ![]()
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