Dril-Quip, Inc. (NYSE:DRQ) announced net income of $25.7 million, or $0.64 per diluted share for the three months ended March 31, 2010, versus net income of $24.7 million, or $0.63 per diluted share for the first quarter of 2009. The first quarter 2010 results include an after-tax charge of $3.9 million, or $0.10 per diluted share, related to the settlement of pending assessments, dating back to 2007, regarding state tax on the importation of goods into the State of Rio de Janeiro, Brazil. Total revenues were $142.5 million during the quarter ended March 31, 2010 as compared to $127.5 million for the same period in 2009. The increase in revenues resulted primarily from increases of $18.6 million in subsea equipment revenues offset by decreases of $2.6 million in revenues related to offshore rig equipment and $1.7 million in service revenues.
In addition, the company announced that its backlog at March 31, 2010 was approximately $550 million, compared to its March 31, 2009 backlog of approximately $573 million. The company expects its earnings per share for the quarter ending June 30, 2010 to approximate $0.64 to $0.74 per share, excluding any unusual or special charges.
