Dril-Quip Q3 revenue $88.1M, net income $15.2M on forge sale; adj EBITDA $7.0M

Innovex International, Inc.

2022-Q3 EPS reported $0.02 revenue$265,256,000

Revenue $88.1M, down $5.8M vs Q2; net income $15.2M ($0.45 EPS) including $17.3M gain on Houston forge sale.
Adjusted EBITDA $7.0M (8.0% of revenue), down from $9.3M in Q2; free cash flow negative $9.2M.
Gross new orders $75.0M; net bookings $61.7M after $13.3M cancellations; full-year bookings growth revised to 15-20%.
Repurchased $11.1M shares in Q3; $103M remaining authorization; cash $315.6M.
Upgraded MSCI ESG rating to 'A'; footprint rationalization on track with $20-30M expected from remaining sales.

item 2.02 item 7.01 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Innovex International, Inc. reported the third quarter of 2022 results: revenue $88.1 million, net income $15.2 million, EPS $0.45 earnings per share. Guidance lowered.

Period: the third quarter of 2022
Revenue: $88.1 million
Net income: $15.2 million
EPS: $0.45 earnings per share
Guidance: lowered
Result: reported results

Exact text from the filing

Dril-Quip, Inc. (NYSE: DRQ), (the “Company” or “Dril-Quip”) today reported operational and financial results for the third quarter of 2022. Results for the third quarter of 2022 included: • Revenue of $88.1 million for the third quarter of 2022, a decrease of $5.8 million from the second quarter of 2022 driven by unfavorable foreign exchange rate impacts, supply chain delays in downhole tools and reduced leasing revenues in subsea service; • Net income of $15.2 million, or $0.45 earnings per share, an increase of $20.8 million, or $0.61 per share compared to the second quarter of 2022, due to the gain on sale of the Houston forge facility, lower income taxes, and lower restructuring costs in the period;

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Source: SEC EDGAR

accession 0000950170-22-020311

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