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Actionable news in DRQ: DRIL-QUIP Inc,

Dril-Quip's Declining Backlog Is Disconcerting

Summary

Dril-Quip missed its Q2 revenue estimate by about $6 million.

Subsea Technology revenue is in free fall, declining 34% Y/Y.

The contract backlog is down over 50% Y/Y, and represents just over 3 quarters' worth of revenue.

Avoid DRQ.

Dril-Quip (NYSE:DRQ) reported Q2 revenue of $142.4 million and eps of $0.96. The company beat on earnings but missed on revenue by over $6 million. The stock sold off over 1% on the news. Below is my takeaway on the quarter:

Subsea Equipment Sales Are In Free Fall

Dril-Quip's revenue is in free...


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