Dril-Quip Inc. Q1 Loss Increases, misses estimates

(RTTNews) - Dril-Quip Inc. (DRQ) announced Loss for first quarter that decreased from last year but missed the Street estimates.

The company's bottom line came in at -$8.94 million, or -$0.26 per share. This compares with -$34.36 million, or -$0.97 per share, in last year's first quarter.

Excluding items, Dril-Quip Inc. reported adjusted earnings of -$9.99 million or -$0.29 per share for the period.

Analysts on average had expected the company to earn -$0.18 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 2.3% to $83.14 million from $81.24 million last year.

Dril-Quip Inc. earnings at a glance (GAAP) :

-Earnings (Q1): -$8.94 Mln. vs. -$34.36 Mln. last year. -EPS (Q1): -$0.26 vs. -$0.97 last year. -Analyst Estimates: -$0.18 -Revenue (Q1): $83.14 Mln vs. $81.24 Mln last year.