Sterne Agee: Guidance Looks Light for Dril-Quip
In a research report published earlier today, Sterne Agee said that guidance looks light for Dril-Quip Inc. (NYSE: DRQ) despite a strong 4Q.
Sterne Agee commented in the report, “DRQ's solid 4Q operating results will likely be overshadowed by lackluster 1Q and full-year 2012 guidance. We maintain our Neutral rating. DRQ posted 4Q GAAP EPS of $0.70, exceeding our $0.61 estimate (Consensus also $0.61), above management's guidance of $0.53-$0.63 and up from $0.58 in 3Q11. In addition, adjusted for $4.7 million in pre-tax severance, operating earnings would have been around $0.80.”
Sterne Agee maintains its Neutral rating on Dril-Quip, which is currently trading at $71.82.
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