Michael Fitzsimmons
Oil & gas, dividend investing, research analyst

Dril-Quip Grows Backlog By 54% And Boosts Guidance (Again) By $0.20/Share

Dril-Quip (NYSE:DRQ) recently announced Q3 earnings which, despite a $5.8 million foreign currency loss ($0.14/share), met net income expectations of $0.98/share. More interesting was the company's announcement that the backlog at quarter end was ~$1.15 billion, a 54% increase as compared to its year earlier backlog of ~$747 million. DRQ said it expects EPS for Q4 to fall in the range of $1.04 to $1.14. As a result, the company raised its full-year 2013 EPS guidance to a range of $4.10 to $4.20, excluding foreign currency gains/losses or any unusual items, up from previous guidance of $3.85 to $4.05 per diluted share. The pullback in the shares since the earnings report represent a buying opportunity for those investors...

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