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Dril-Quip narrows Q3 loss YOY but misses Street estimates

Dril-Quip Inc. on Oct. 24 reported a third-quarter adjusted net loss of $2.0 million, or 7 cents per share, compared to a loss of $7.4 million, or 20 cents per share, seen during the third quarter of 2018.

The S&P Global Market Intelligence consensus normalized earnings estimate for the third quarter was an income of 12 cents per share.

The company's GAAP net loss came in at $1.3 million, compared to the net loss of $10.4 million seen a year ago.

Revenue for the quarter totaled $108.2 million, up from the $93.3 million reported during the same quarter in 2018.

The drilling services company also reported a negative free cash flow of $8.0 million for the quarter ended Sept. 30, compared with a positive free cash flow of $2.1 million posted for the quarter ended Sept. 30, 2018.