- Dril-Quip (DRQ -9.5%) slides nearly 10% after Q1 earnings and revenues fell well short of expectations, and provider of offshore drilling services lowered its FY 2014 EPS guidance to $4.70-$4.90 from a prior forecast of $5.00-$5.20 and analyst consensus of $5.37.
- DRQ says Q1 results were hurt by its inability to recognize ~$10M of revenue related to equipment that was completed but not accepted for delivery by one of its major customers - apparently Petrobras (PBR +1%), which signed a four-year $650M deal with DRQ in 2012.
- Also issued downside guidance for Q2, seeing EPS of $1.05-$1.15 vs. $1.31 analyst consensus estimate.
Dril-Quip -9.5% after Q1 misses estimates, cuts full-year forecast
From other sites
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs