reported cash of $264.804 million, with short-term investments of $32.232 million, other current assets of $455.552 million, PP&E of $181.270 million, and total assets close to $972.515 million. In the last annual report, Dril-Quip, Inc. Source: 10-k Balance Sheet: There Is Plenty Of Cash Outstanding And Property And Equipment Finally, the income tax provision stood at $6.327 million with net income of $0.443 million. The company also reported restructuring of $11.443 million, gain on sale of property of $20.019 million, and operating income of $2.521 million. Like other financial analysts, I would be expecting further revenue growth in 20. ![]() Product sales, services, and leasing revenue increased. Source: Quarterly Presentation Recent Results Indicated Sales Growth In Services, Leasing, And Sale Of ProductsĢ022 revenue included products of $240.842 million along with services of $79.195 million, leasing close to $42.033 million, and total revenue of $362 million. During 2022, almost 60% of the income was contributed by contracts and sales to the 15 largest clients, with Chevron Corporation ( CVX) being the client with the greatest contribution to annual net revenue. These clients are usually large companies related to the exploitation of gas or oil. The sale of the products is negotiated outside the advisory contracts, regardless of the previous deal with the client Almost 66% of the income comes from the sale of its products, 20% from related services, and the rest from its rental offer for the application. The company has production plants in the three geographic segments of operations as well as another plant in Macau, Brazil.ĭril-Quip, Inc.'s income comes from the sale of its products and related services, such as installation and advice, as well as the rental of some elements or tools used to install its products. These are the Western Hemisphere, including South America and the United States, based in Texas, the Eastern Hemisphere including Europe and Africa, based in Scotland, and Asia and the Pacific, which includes Oceania and the Asian markets, based in Singapore. During 2022, almost 70% of sales were made outside the United States, keeping the percentage similar to the last years of registration.ĭril-Quip's business is divided into three segments that correspond in turn to the geographic areas in which it produces and markets its products. The company has developed successful products for underwater use through which it has managed to position its brand as a guarantee of quality and safety in the extraction market and its industries. Dril-Quip also offers advisory services to its customers regarding the application and installation of its products. Its products are used by oil and gas extraction companies as well as drilling contractors throughout the world. ![]() Its main products are specialty connectors, marine surface manhole covers, suspension systems for mud lines, drilling systems, safety valves, and other application artifacts. is a manufacturer, designer, and seller of highly complex and engineered products for offshore and onshore platforms. Dril-Quip: A Lot Of Properties All Over The World And Reporting Large Clientsĭril-Quip, Inc. ![]() However I believe that the Dril-Quip, Inc. Yes, I see many risks from new environmental laws or competitors. Also, considering that DRQ reported a double-digit backlog increase in 2022 and beneficial expectations in 2023, I would be expecting further revenue growth in the future. ( NYSE: DRQ) saw its revenue accelerating in 2022, and many analysts are expecting significant net income growth in 20.
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