Dril-Quip, Inc. Announces Fourth Quarter and Full Year 2022 Results
HOUSTON, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Dril-Quip, Inc. (NYSE: DRQ), (the “Company” or “Dril-Quip”), a developer, manufacturer and provider of highly engineered equipment, service and innovative technologies for use in the energy industry, today reported operational and financial results for the fourth quarter and full year 2022.
- Consolidated revenue for the fourth quarter of 2022 was $96.8 million, up $8.7 million from the third quarter of 2022 and up $18.9 million compared to the fourth quarter of 2021.
- Cost of sales for the fourth quarter of 2022 was $66.6 million, an increase of $0.9 million sequentially from the third quarter of 2022.
- Gross operating margin for the fourth quarter of 2022 was 31.2%, up from 25.4% for the third quarter of 2022.
- Adjusted EBITDA totaled $10.4 million for the fourth quarter of 2022 compared to $7.0 million for the third quarter 2022.