Dril-Quip Q1 revenue $110.3M (+21% YoY), net loss $20.0M; Suspends guidance on pending Innovex merger

Innovex International, Inc.

2024-Q1 EPS reported -$0.58 revenue$110,297,000

Revenue $110.3M, down 12.7% sequentially, up 21.4% YoY; net loss $20.0M ($0.58 per share) vs net income $1.8M in Q4 2023.
Adjusted EBITDA $10.2M declined $6.4M sequentially; gross margin 28.9% improved 147 bps sequentially and 99 bps YoY.
Incurred $19.0M in merger-related expenses for the pending combination with Innovex, which drove the net loss.
Cash used in operations $4.1M; free cash flow -$8.9M; capital expenditures $4.8M, mainly for equipment and rental tools.
Guidance suspended due to pending merger with Innovex; investors cautioned not to rely on historical outlooks.

item 2.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Innovex International, Inc. reported three months ended March 31, 2024 results: revenue $110.3 million, net income net loss of $20.0 million, EPS a loss of $0.58 per share.

Period: three months ended March 31, 2024
Revenue: $110.3 million
Net income: net loss of $20.0 million
EPS: a loss of $0.58 per share
Result: reported results

Exact text from the filing

technologies for use in the energy industry, today reported operational and financial results for the three months ended March 31, 2024. First Quarter Highlights • Revenue of $110.3 million decreased 12.7% sequentially and increased 21.4% year-over-year • Net Subsea Product Bookings of $41.1 million • Net Loss of $20.0 million decreased $21.8 million sequentially

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Source: SEC EDGAR

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