Dril-Quip -9.5% after Q1 misses estimates, cuts full-year forecast

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.

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