Dril-Quip, Inc. Announces Results for Second Quarter 2012

Dril-Quip, Inc. DRQ today announced net income of $29.8 million, or $0.74 per diluted share, for the three months ended June 30, 2012, versus net income of $22.2 million, or $0.55 per diluted share, for the second quarter of 2011. Total revenues were $176.6 million during the quarter ended June 30, 2012 compared to $137.0 million for the same period in 2011, an increase of $39.6 million or approximately 29%. The increase in revenues resulted from increased product revenues of $32.2 million and increased service revenues of $7.4 million. For the six months ended June 30, 2012, net income was $58.6 million, or $1.45 per diluted share, compared with net income of $43.9 million, or $1.09 per diluted share, for the same period in 2011. Total revenues rose to $353.7 million during the six months ended June 30, 2012 from $274.7 million during the same period in 2011, an increase of approximately 29%.