By partnering with our customers and key suppliers, we will further encourage environmental stewardship through the broader energy industry. We are targeting the reduction of Scope 1 and Scope 2 GHG emissions by more than 50% between 2021 and the target year 2030. “Additionally, in June we announced our decarbonization targets in alignment with the ambitions of the Paris Agreement. We plan to use a portion of the proceeds from these real estate sales to make investments in our manufacturing capabilities to lower costs and improve productivity in the coming years. For all three transactions, we expect the combined net proceeds to be in the $40 to $50 million range. We expect this transaction to close in the third quarter and anticipate reaching agreements on the two remaining properties by year-end. We also continue to progress on our footprint rationalization plan, including executing a purchase and sale agreement for the forge facilities at our Houston, Texas campus. “We believe the foundation of the strong product-line focused teams that we began forming in early 2022 is bearing fruit by streamlining customer focus, eliminating excess costs and improving efficiency. We continue to expect revenue growth of 10% for the full year 2022 compared to 2021. Many of these projects are targeting second half decisions and are reflected in our outlook for full year bookings. Bookings for our Subsea Products slowed from the prior quarter as operators continue to evaluate projects in an uncertain demand environment with historically high inflation. Subsea Services also benefited from strong demand on rework and recertification as rigs start to come back online. Downhole Tools led this with a record quarter and broad growth across all geographies. Second quarter revenue was up approximately 13% sequentially reflecting strength in our shorter cycle businesses as quick return projects are completed, customers utilize existing inventory, and we start to see rigs come back online. Jeff Bird, Dril-Quip’s President and Chief Executive Officer, commented, “Our second quarter results reflect the improving offshore drilling market as well as our commitment to controlling costs and improving margins. Announced Scope 1 and Scope 2 GHG emissions reduction target of 50% by the year 2030.Year-to-date repurchases through the third quarter of 2022 total approximately $21 million and Repurchased $3.8 million of shares at an average price of $24.49 during the second quarter of 2022.Booked $49.6 million of new orders during the second quarter of 2022 net of $7.1 million of cancellations and adjustments.Second quarter net cash used by operating activities of $9.3 million and free cash flow of negative $10.6 million, inclusive of $1.4 million of capital expenditures.Generated adjusted EBITDA of $9.3 million, or 9.9% of revenue an increase of $6.2 million from the first quarter of 2022.A net loss of $5.6 million, or a $0.16 loss per share, an improvement of $3.4 million, or $0.10 per share compared to the first quarter of 2022, due to improved gross profit and foreign exchange benefits partially offset by higher restructuring charges. Revenue of $94.0 million for the second quarter of 2022, an increase of $10.8 million from the first quarter of 2022 driven by higher subsea equipment and downhole products and services revenue.Results for the second quarter of 2022 included: (NYSE: DRQ), (the “Company” or “Dril-Quip”) today reported operational and financial results for the second quarter of 2022. HOUSTON, J(GLOBE NEWSWIRE) - Dril-Quip, Inc.
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