HOUSTON (AP) _ Dril-Quip Inc. (DRQ) on Thursday reported a second-quarter loss of $14.1 million, after reporting a profit in the same period a year earlier.
The Houston-based company said it had a loss of 40 cents per share. Losses, adjusted for non-recurring costs, came to 34 cents per share.
The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 11 cents per share.
The maker of offshore drilling and production equipment posted revenue of $90.4 million in the period, beating Street forecasts. Four analysts surveyed by Zacks expected $81.6 million.
Dril-Quip shares have dropped 26% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $34.66, a drop of 34% in the last 12 months.