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Dril-Quip: 2Q Earnings Snapshot

HOUSTON (AP) _ Dril-Quip Inc. (DRQ) on Thursday reported second-quarter net income of $1.7 million, after reporting a loss in the same period a year earlier.

The Houston-based company said it had net income of 5 cents per share. Earnings, adjusted for non-recurring gains, came to 3 cents per share.

The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 1 cent per share.

The maker of offshore drilling and production equipment posted revenue of $103.8 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $98 million.

Dril-Quip shares have increased 57% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $47.20, a drop of 16% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DRQ at https://www.zacks.com/ap/DRQ