Dril-Quip Q1 revenue up 9% YoY to $90.9M, net income $2.3M; bookings fall 43% sequentially; provides FY2023 outlook

Innovex International, Inc.

2023-Q1 EPS reported $0.07 revenue$90,865,000

Revenue $90.9M (+9% YoY, -6% sequential); net income $2.3M ($0.07 EPS) vs. loss of $0.3M in Q4'22.
Adjusted EBITDA $8.8M (up from $3.2M YoY); gross margin 27.9% (-333bps sequentially, +489bps YoY).
Net bookings $53.5M, down 43% sequentially and 20% YoY; management expects bookings growth through year on MSA activity.
FY2023 outlook: revenue growth 10%, bookings growth 10-20%, adjusted EBITDA incremental margins 40-60%, capex $25-30M.
Free cash flow negative $58.3M on working capital timing; expects $40M cash from AR reduction by Q3 2023; $103M buyback authorization remains.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Innovex International, Inc. reported first quarter of 2023 results: revenue $90.9 million, net income $2.3 million, or $0.07 per share, EPS $0.07 per share.

Period: first quarter of 2023
Revenue: $90.9 million
Net income: $2.3 million, or $0.07 per share
EPS: $0.07 per share
Result: reported results

Exact text from the filing

and innovative technologies for use in the energy industry, today reported operational and financial results for the first quarter of 2023. First Quarter Highlights • Revenue of $90.9 million decreased 6% sequentially and increased 9% year-over-year • Net Bookings of $53.5 million decreased 43% sequentially and 20% year-over-year • Net Income of $2.3 million increased

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Source: SEC EDGAR

accession 0000950170-23-018775

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