HOUSTON — Dril-Quip Inc. (DRQ) on Thursday reported a loss of $34.4 million in its first quarter.
The Houston-based company said it had a loss of 97 cents per share. Losses, adjusted for one-time gains and costs, were 47 cents per share.
The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 3 cents per share.
The maker of offshore drilling and production equipment posted revenue of $81.2 million in the period, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $88 million.
Dril-Quip shares have climbed 1.5% since the beginning of the year. The stock has declined 8% in the last 12 months.
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