Dril-Quip, Inc. (DRQ) reported that first-quarter net income increased to $53.66 million or $1.38 per share from $42.62 million or $1.04 per share in the prior-year quarter.
Results for the latest quarter were favorably impacted by a foreign exchange gain of $0.12 per share, compared to a foreign exchange loss of $0.02 per share in the year-ago quarter.
On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $1.16 for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew to $226.0 million from $204.07 million in the same quarter last year, while analysts expected revenue of $224.53 million for the quarter.
Looking ahead, the company expects adjusted earnings for the second quarter in a range of about $1.15 to $1.25 per share, and adjusted earnings for the full-year 2015 in the range of about $4.60 to $4.80 per share. These exclude any unusual items and foreign currency gains and losses.
Street is currently looking for earnings of $1.20 per share for the second quarter and $4.74 per share for the full-year 2015.
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