HOUSTON (AP) _ Dril-Quip Inc. (DRQ) on Thursday reported a loss of $1.3 million in its third quarter.
The Houston-based company said it had a loss of 4 cents per share. Losses, adjusted for non-recurring gains, were 7 cents per share.
The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 12 cents per share.
The maker of offshore drilling and production equipment posted revenue of $108.2 million in the period, which beat Street forecasts. Four analysts surveyed by Zacks expected $104.6 million.
Dril-Quip shares have risen 61% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $48.33, an increase of 16% in the last 12 months.