The decrease in total revenues resulted from a decline of $12 million in revenues associated to offshore rig and surface equipment counterbalanced by an raise in revenues from subsea equipment of $4.9 million and services of $2.2 million. Operating income totaled about $34.7 million in the first quarters of both 2009 and 2008. However, as a percentage of revenues, operating income raised to 27.2% in 2009 from 26.2% in the year-ago quarter
In addition, Dril-Quip announced that its backlog for the first quarter of 2009 was about $573 million, compared in the year-ago quarter backlog of about $438 million. The company anticipates its earnings per share for the quarter ending June 30, 2009 to approximate $0.58 to $0.68 per share, excluding any unusual or special charges.
