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Dril-Quip 1Q net rises on revenue gains

HOUSTON (AP) -- Dril-Quip posted a 38 percent jump in first-quarter net income and revenue rose as the offshore drilling equipment maker benefited from tax provisions and currency shifts.

The most recent quarter included a foreign exchange gain of 10 cents per share and a tax benefit of 3 cents per share. Even without the extra help from those items, however, profits easily topped Wall Street expectations.

Net income from the quarter that ended March 31 was $39.8 million, or 98 cents per share, up from $28.8 million, or 71 cents per share, a year earlier, and better than the 79 cents per share forecast by analysts surveyed by FactSet.

Revenue of $193.2 million was just shy of the $194.3 million expected by analysts. A year earlier, revenue was $177.1 million.

Dril-Quip Inc. expects second-quarter earnings of 80 cents to 90 cents per share, and full-year earnings of $3.40 to $3.60 per share. Analysts were expecting 79 cents for the quarter and $3.64 for the year.