Dril-Quip (DRQ) has reported 97.31 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $1.30 million, or $0.03 a share in the quarter, compared with $48.35 million, or $1.28 a share for the same period last year.
Revenue during the quarter plunged 47.38 percent to $106.09 million from $201.63 million in the previous year period. Gross margin for the quarter contracted 1959 basis points over the previous year period to 26.67 percent. Operating margin for the quarter stood at negative 4.37 percent as compared to a positive 29.91 percent for the previous year period.
Operating loss for the quarter was $4.63 million, compared with an operating income of $60.31 million in the previous year period.
Blake DeBerry, Dril-Quip’s President and chief executive officer stated, "Our disappointing fourth quarter results were primarily driven by revenue shortfalls in each of our major operating regions as operators continued to defer spending in the face of difficult market conditions. In addition, our fourth quarter results were negatively impacted by a number of non-recurring items, including costs associated with the TIW acquisition and one-time inventory adjustments.
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