Dril-Quip Q2 revenue $120.3M (+34% YoY), net loss $1.8M; Innovex merger on track

Innovex International, Inc.

2024-Q2 EPS reported -$0.63 revenue$230,640,000

Revenue $120.3M (+9.1% seq, +34.3% YoY); net loss $1.8M vs $20.0M loss in Q1 2024.
Adjusted EBITDA $16.5M, up $6.3M seq; margin 13.7% from 9.2% in Q1.
Subsea Products gross bookings $54.1M; net $12.8M after $39.6M customer cancellation (Australia campaign).
Merger with Innovex on track for Q3 2024; earnings guidance suspended due to pending transaction.
Well Construction segment (acquired) >40% of revenue; proforma onshore ops now ~33% of total.

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