Dril-Quip profit slips from a year ago

Drilling equipment maker Dril-Quip says profit down, sales up from a year ago

• On 12:57 pm EST, Friday November 6, 2009

HOUSTON (AP) -- Dril-Quip Inc., which makes equipment for offshore oil drilling, said Friday its profit slipped from a year ago on a charge even as sales rose, and it gave a fourth-quarter outlook in line with Wall Street expectations.

The company said it earned $25.1 million, or 63 cents per share, compared with $27.4 million, or 69 cents per share, a year ago.

The results included an after-tax charge of $3.5 million, or 9 cents per share, for contract-termination costs after the death of a co-CEO.

Analysts, who usually exclude charges from their calculations, had expected earnings of 67 cents per share.

Revenue rose to $138.2 million from $132.3 million a year ago, beating analysts' forecast of $136.1 million.

The company said it expects to earn between 62 and 72 cents per share in the fourth quarter, excluding special items. Analysts forecast 67 cents per share.

Dril-Quip shares gained 39 cents, to $52.96, in midday trading.