Dril-Quip raises forecast after profit beats on strong drilling
Aug 6 (Reuters) - Offshore drilling equipment maker Dril-Quip Inc reported a better-than-expected quarterly profit and raised its full-year earnings forecast as demand for offshore equipments rises.
Top oilfield service companies Halliburton Co and Schlumberger Ltd had indicated that U.S. Gulf drilling had returned to levels seen before the oil spill two years ago.
Dril-Quip also increased its third-quarter adjusted earnings expectations to 65 cents to 75 cents per share, from 62 cents to 72 cents. Analysts on average were expecting 72 cents per share, according to Thomson Reuters I/B/E/S.
Net income rose to $29.8 million, or 74 cents per share, for April-June from $22.2 million, or 55 cents per share, a year earlier.
Revenue increased 29 percent to $176.6 million.
Analysts had expected the company to earn 71 cents per share on revenue of $170 million.
National Oilwell Varco Inc, the largest U.S. oilfield equipment maker, reported a 26 percent rise in quarterly profit last month.
Shares of the Houston-based Dril-Quip closed at $72.02 on Friday on the New York Stock Exchange.
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